Litecoin (LTC) steals the rank from BCH after hitting a 9-month high

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 18, 2020
  • Litecoin (LTC) price started seeing significant growth recently and the coin is currently at its 9-month high.
  • After joining the new rally led by Bitcoin, LTC managed to outperform Bitcoin Cash and take its place.
  • Currently the sixth-largest cryptocurrency, LTC has a price of $73 and a market cap of $4.84 billion.

The crypto industry is currently participating in a powerful new rally — one that has taken Bitcoin beyond $18k for the first time since early 2018. Meanwhile, Litecoin (LTC) — silver to Bitcoin’s gold — outperformed Bitcoin Cash and took its rank as the sixth-largest crypto by market cap.

Litecoin outperforms Bitcoin Cash and gains a higher rank

Litecoin reached its 9-month high, with a price of $75.7. The coin is rapidly closing in on its highest point in 2020, which it reached in mid-February. At the time of writing, LTC is suffering a minor correction which took its price to $73.34. However, the price is still 1.49% higher than 24 hours ago, and the coin rose by 24.18% in the last 7 days.

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Currently, the LTC market cap sits at $4.84 billion, while Bitcoin Cash (BCH) sits in the 7th position with a market cap of $4.59 billion.

While LTC performance is quite commendable, it is also worth noting that BCH recently went through a hard fork. The hard fork resulted in the creation of Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCH ABC), and Roger Ver commented that forking like this might have prevented PayPal from adding BCH support.

Litecoin picks up the pace and recovers from September lows

Many in the crypto industry are quite pleased to see Litecoin performing better than BCH, especially since the coin started falling behind the leading cryptos in recent years. Once referred to as the silver to Bitcoin’s gold, the LTC market cap is currently over 60 times smaller than that of BTC.

In September, the coin’s price sank to nearly $40, although it did start picking up after the October 21st announcement issued by PayPal, which revealed that LTC will be one of the few coins that the payment giant will list on its own platform.

With Bitcoin (BTC) once again leading what appears to be a major rally, Litecoin finally appears to be back in the game, and is following BTC’s lead.

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