📈Litecoin soars nearly 20% 🚀

Litecoin price surges almost 20% during today's session and is trading at a level not seen since May 2021, amid a wider cryptocurrency market rally. Meanwhile, the total value of cryptocurrencies reached a new all-time high of nearly $3 trillion, while Bitcoin jumped to record $68,500 level. There is no major catalyst behind Litecoin’s recent upward move and many analysts attribute this to inflation fears.  Nevertheless investors have focused their attention on the cryptocurrency in recent days. According to data from Messari,  LTC/BTC pair surged nearly 14%, indicating a rise in capital migration from Bitcoin to Litecoin markets. If this trend continues in the near future, then another altcoin rally may begin.

Litecoin price broke above the major resistance at $260.00 level after rallying by more than 35% this week, outperforming most of the other leading cryptocurrencies in the process. If current sentiment prevails, the next target for buyers is located at $293.00 and is marked with 61.8% Fibonacci retracement of the last downward correction. Source: xStation5