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Litecoin Grabs the Attention of Crypto Investors

Launched 12 years ago as a more transaction-friendly version of Bitcoin, a cryptocurrency is gaining the attention of investors after the meme-token craze drove up costs on the largest blockchain network.

Litecoin has risen almost 20 percent compared to the drop in the cryptocurrencies index since May 8, 2023, when Bitcoin fees reached $30 per transaction. The rise in Bitcoin fees has also set a record for transactions on the Litecoin Blockchain network, as users look for a cheaper alternative. The biggest reason for this is that it did not cause a similar increase in costs.

Litecoin has a market cap of around $6.7 billion, according to CoinMarketCap data. With this market capitalization, Litecoin is on the list as the 11th largest cryptocurrency. The leading cryptocurrency Bitcoin is in the first place with a market value of 516 billion dollars.

Is Bitcoin Going To $29k?

On the other hand, analyst Michaël van de Poppe, who is closely watched by crypto money investors, discussed the current situation regarding Bitcoin. Bitcoin price exceeded $27,000 in the last 1 hour and reached $27,400. Poppe shared the graphic below and wrote:

Reclaim of #Bitcoin at $27,200 happened. Make a higher low here and we’ll be going towards $29,000.

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