One Large-Cap Altcoin Set To Break Away From Bearish Crypto Markets, According to Top Analyst

A popular analyst believes that one large-cap altcoin is gearing up to break away from the downtrending crypto markets. The pseudonymous analyst Rekt tells his 330,000 Twitter followers that peer-to-peer payments network Litecoin (LTC) may have already printed a bear market bottom.

Timeline of Litecoin

On-chain data shows the combined Litecoin address count of sharks and whales is now at a 2-year high, a signal that could be bullish for the asset's value. Litecoin Addresses Holding More Than 1,000 LTC Now At Highest Level Since 2020 As per data from the on-chain analytics firm Santiment, LTC has been climbing strongly since the population of these large addresses began to rise.

Litecoin, an altcoin being hailed as the “digital silver” of the cryptocurrency space, has once again rewarded its faithful investors and holders as it mounted a massive recovery after bottoming out at $60. Interestingly, the token made its bounce back shortly after CNBC host Jim Cramer went out of his way to call holders of LTC idiots.

Litecoin [LTC] recently made it to the news after it was ranked second in terms of the most active chain in the last 24 hours. This was good news as it somewhat reflected LTC's consistency in overall performance.

Due to the ongoing volatility among the main market movers, Litecoin's price action at the start of the month had been bumpy. The majority of altcoins have decreased in value together with bitcoin during the past month. However, with a strong performance on Christmas Day, Litecoin became the biggest gainer.

Litecoin raced to a ten-day high to start the week, as markets returned from the Christmas holiday weekend. The token extended recent gains to start the week, and neared a key resistance point in the process. Xrp was also higher, as it also collided with a price ceiling.

Litecoin (LTC) emerged as the top gainer over Christmas Day with an impressive performance. This put it ahead of market leaders such as bitcoin and ethereum in terms of performance, solidifying its position as the market leader through the first half of the holidays.

The cryptocurrency sector is still feeling pressure from the collapse of FTX, which was previously known as one of the largest crypto exchanges in the world, but some of its assets are measuring better performance than others, including Litecoin (LTC).

Despite the unfavorable market conditions in the whole of 2022, Litecoin [LTC] was able to meet up with the Galaxy Score top rankings, LunarCrush disclosed. The Galaxy score is a ranking made up by the social intelligence platform that assesses a project's overall health and performance.

CNBC host Jim Cramer is warning people to stay away from cryptocurrencies, especially Solana (SOL) and Litecoin (LTC). In a new CNBC interview, Cramer says that he has sold all his digital asset investments and would not enter the space again, in the aftermath of the FTX collapse.

Litecoin (LTC) has faced several price rejections at the $80.24 level since late November. In particular, the $76.72 level saw the highest traded volumes, as indicated by the Volume Profile Visible Range (VPVR) indicator.