Litecoin (LTC) has demonstrated a strong performance in the past 24 hours. The price chart shows that the trading price of LTC has surged over 21% in the particular window.
SHIB was overtaken by LTC
The strong performance demonstrated by Litecoin has helped it overtake Shiba Inu (SHIB). Due to the recent strong rally, the market valuation of LTC has grown enough to challenge and defeat SHIB.
In the latest trading sessions, the market valuation of LTC has taken over the valuation of the second-largest meme coin.
LTC has Continued Building Strength
The month of November has proven to be one of the worst experiences for the entire cryptocurrency industry in the year 2022.
The situation turned ugly due to the FTX crash and the entire market is still hoping to recover from the disaster.
Even major cryptocurrencies such as Bitcoin and Ether have all witnessed great downfalls. Cryptocurrencies are still trying hard to get through the hard times without any strong recovery in sight.
While the crypto market is trying hard to recover, Litecoin appears to have been exempted from the impact. The report shows that the majority of the month of November has turned out to be lucky for LTC.
The digital asset has continued gaining strength in the respective month and the situation has only gotten better in recent days.
The asset has gained enough strength that it has overtaken the second-largest meme, Shiba Inu in terms of market capitalization.
The core reason behind the downfall of the entire cryptocurrency industry, FTX collapse is still growing worse for the entire cryptocurrency industry.
The FTX contagion has been spreading throughout the cryptocurrency. Over time, multiple firms have come out revealing the truth that they had spent quite a fortune in the FTX exchange.
Now, every firm that had invested in FTX, is paying the price and is on the verge of going bankrupt.
Current Performance of LTC
Just when the majority of the cryptocurrencies are experiencing downtrends, Litecoin has recorded a 21% surge in the past 24 hours. At the time of writing, the trading value of LTC is at a high of $78.
Given the current situation of LTC and its constant backing by the bulls, the asset is only going to grow bullish. As a result, the trading price of the asset may continue to grow stronger.
When the FTX crash took place, its trading value was at a high of $72 but right after the grieving news, its value plunged to lower than $50.
After the brief plunge, LTC’s price continued pushing higher and at the time of writing, it is floating at a higher level.
In the past 7 days, the value of LTC has surged 35% and following its rally, it has moved higher in terms of its market rank. Prior to the rally, it ranked as the 20th largest crypto but now, it is at the 15th spot.
Litecoin has defeated Shiba Inu in the market valuation competition and has taken over its 15th spot in the process.
