In brief
- Litecoin surged 10% to $118, while Stellar gained 9% to $0.40.
- Short liquidations topped $480 million in 24 hours, as sentiment flips sentiment from fear to greed.
- Traders are rotating into older coins with Bitcoin rising more than 8% since September 28.
The “Uptober” effect is in full swing.
Kicking off what has historically been Bitcoin’s strongest month, the original crypto has sparked a broad market rally, with capital rotating into older altcoins.
The forceful move has caught many traders off guard, triggering a massive wave of short liquidations and flipping overall market sentiment from fear to greed in a matter of days.
Litecoin has taken the lead among the top cryptocurrencies, surging 10% over the last 24 hours to trade at $118.
Litecoin’s outsized gains come amid hopes of a spot ETF approval, with the Canary Litecoin ETF facing its final Securities and Exchange Commission decision deadline on October 2.
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Author: Akash Girimath
