Litecoin up more than 12% at $51.52 at time of publishing amid a crypto market rally. Bitcoin is up 2.73% at $3,843, Ethereum is up 5% at $133.61, and XRP is up 2.51% at $0.3130. Binance Coin is also popping, up 16% at $13.03, with EOS up 9% at $3.55.
Litecoin has been riding a wave of positive news and partnerships in recent weeks, after the coin’s creator Charlie Lee announced the coming implementation of privacy features as well as a number of efforts to promote the fifth largest cryptocurrency by market cap to the mainstream.
— CZ Binance (@cz_binance) February 27, 2019
Meanwhile, Bitcoin transaction volume is approaching the all-time highs recorded back in the last bull run in December of 2017.
Today’s market rally follows a series of bullish technical indicators for Bitcoin.
Mati Greenspan, senior market analyst at the social trading platform eToro, tells Bloomberg the spike in transaction volume across all crypto exchanges is key.
“After six months in the red, it’s great to finally close one in the green. What I’ve been watching lately are the number of transactions on the Bitcoin blockchain and the total volumes across crypto exchanges, both of which are holding at their highest levels in more than a year. Even though we’re still officially in a bear market, there is plenty of cause for optimism.”