Litecoin (LTC), Verge (XVG) & Nano (Nano): Wall Street news driving up the market
Litecoin (LTC) seems to have benefited from the current rally that is driving up the entire crypto market. The rally comes after a Wall Street insider hinted that Wall Street is building bridges to get involved in cryptocurrency. These news seem to have given Litecoin and the rest of the crypto market some much-needed momentum, after weeks in the red. In the last 24 hours, Litecoin has gained significantly, pushing up to a daily high of $125 up from yesterday’s low of $107. Thanks to these gains, Litecoin’s market cap has edged up from $6.4 billion to the current market cap of slightly over $6.7 billion. That’s an indication of strong buying pressure in the market, at the moment.
If we cross-check this with the prevailing sentiment around Litecoin at the moment, we see a positive correlation. In the last 24 hours, Litecoin has been mentioned around 15 times on different platforms. Out of these, 73% of them are positive. That’s an indication that people are excited about Litecoin.
To sum it up, Litecoin (LTC) is enjoying a good upward momentum, with investors getting in at current to take advantage of the positive mood prevailing in the market.
Verge (XVG) has had an exemplary week, after news emerged that it was getting a strong strategic partner. It has also benefited from Bittrex’s announcement that they are reopening mass account registrations, after halting the same in December. Verge is up over 6% in intraday trading, and it seems to be gaining. Trading volumes are up too, standing at around $154, 848, 000, up from $148 million in the last 24 hours.
If the charts are anything to go by, Verge is expected to continue performing well in the next 24 hours or so. That’s because this crypto has already formed a clearly visible uptrend in the day chart. It’s an indication of a strong positive sentiment prevailing towards this crypto at the moment.
In essence, we can deduce that as long as the current positive sentiment in the crypto market continues, Verge (XVG) will be in a short-term bull-run. This could ultimately go on for some time, if institutional money starts flowing into crypto.
Nano (NANO) has been one of the hardest hit cryptos in the recent crypto bear run. However, the recent change in overall market momentum seems to be benefiting Nano too. Nano is up over 10% in the day, and the momentum is rising. Volumes too are surging, indicating that investors are taking a keen interest in this crypto. Nano volumes now stand at $21, 554,000, up from $6.9 million yesterday. That’s an incredible surge that indicates strong investor confidence.
The same confidence reflects in what people are saying about Nano online. In the last 24 hours, Nano (NANO) has been mentioned around 14 times, and out of those, 64% of them are positive. That’s indicative of the changing sentiment on Nano from negative to a strong positive.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.