Market Analysis: Litecoin (LTC) Rallies Five Percent; Bitcoin (BTC) Slowly Rises to $3,450; Other Major Cryptocurrencies Mixed

February 1, 2019 / by Zachary Mashiach

Litecoin (LTC) is the big winner today with a five percent rally. This rally has brought the Litecoin (LTC) market cap to just over $2 billion, and Litecoin (LTC) is very close to surpassing the Tether (USDT) and Bitcoin Cash (BCH) market caps. If this happens, Litecoin (LTC) would take fifth place on the CoinMarketCap rankings.

Bitcoin (BTC) is in the green today as well, with a slow rally throughout the day from $3,375 to $3,450. Bitcoin (BTC) is nearing the $3,500-$3,600 resistance level. Whether Bitcoin (BTC) can punch upwards through this level or if it is pushed back will test of whether CME Bitcoin futures traders went long or short for February. $3,500-$3,600 was the price of Bitcoin (BTC) following the January CME Bitcoin futures expiration.

Most other major cryptocurrencies have risen today as well. Ethereum (ETH) is up 0.2 percent, EOS is up 0.8 percent, Bitcoin Cash (BCH) is up one percent, Tron (TRX) is up 1.6 percent, Cardano (ADA) is up one percent, IOTA (MIOTA) is up 0.5 percent, and Monero (XMR) is up 0.2 percent.

It appears the speculation that the SEC could be investigating the Tron Foundation has already worn off. Tron (TRX) dropped 5 percent yesterday but is regaining some of that loss today.

Several major cryptocurrencies are down today. Ripple (XRP is down 1.3 percent. At this point Ripple (XRP) has given back most of the gains caused by the speculation that SWIFT may use Ripple (XRP) via the partnership with R3’s Corda.

Stellar (XLM) is down 1.3 percent, Bitcoin SV (BSV) is down 1.3 percent, Dash (DASH) is down 1.7 percent, and Dogecoin (DOGE) is down 0.6 percent. Dogecoin (DOGE) has been performing poorly over the past month with its market cap declining from $300 million to $225 million.

The bulls slightly outpaced the bears today overall, and the total crypto market cap has risen from $114 billion to $114.5 billion in the past day. In general, the crypto market has been quite flat the past several days, with crypto prices increasing one day and decreasing the next. The current crypto market cap of $114.5 billion is the same as it was on Jan. 28.