The second-largest cryptocurrency by market cap continued with its impressive 2021 performance by registering yet another ATH over $4000. With a significant market dominance, the largest altcoin has witnessed an exponential surge in volumes traded over the past few months.
Recently, analyst, Rekt Capital shed light on a trend for ETH/BTC pair which was last observed in December 2017.
$ETH / #BTC is up +50% since breaking a level that was last broken back in December 2017
That’s how long people have been waiting for this new macro uptrend to take place
Don’t squander the opportunity now that it’s finally here#ETH #Ethereum
— Rekt Capital (@rektcapital) May 8, 2021
Source: Trading View
Looking at the ETH/BTC chart, the analyst hinted at a possible surge in buying. Additionally, he drew parallels with another altcoin’s price trajectory Litecoin.
LTC prices surged by 35% to hit a one-year high against Bitcoin (BTC) this week, signaling an upside momentum for the remainder of the ongoing monthly session. The analyst speculated that chances of LTC registering a new ATH were very likely, owing to the coin’s correlation with the premier altcoin Ethereum.
$LTC has been trend-following $ETH since mid-2020
And seeing that $ETH has recently rallied to new All Time Highs once again…
Chances are #LTC will follow with new All Time Highs of its own soon#Litecoin #Ethereum
— Rekt Capital (@rektcapital) May 8, 2021
Blockchain analytics firm, Glassnode noted a dramatic hike in the number of active Litecoin addresses since the beginning of 2021, indicating a rising demand for the crypto-silver.
A very similar pattern was observed with Ethereum in terms of the number of active addresses compared to LTC.
Source: Glassnode
The analyst also provided an argument for his hypothesis of LTC hitting ATHs. He stated that the asset had recently broken two important resistance levels – $226 and $305.
$LTC recently rallied to $360+
Which means #LTC has broken two very important resistance levels:
• $226
• $305
These are #Litecoin Four Year Cycle levels
Break the old All Time Highs and Candle 1 will rally to new unimaginable highshttps://t.co/BCRcr7B6GB pic.twitter.com/mZl1A9BOyK
— Rekt Capital (@rektcapital) May 6, 2021
Another analyst claimed:
“I think it’s realistic to say that Litecoin will reach above $1,000 eventually, maybe even close to $1,500.”
