Here's Why Litecoin Is Moving

Litecoin LTC/USD is trading lower by 2.94% to $85.27 during Thursday's session. The altcoin is trading lower, pulling back after recent strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.

What Happened?

The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.

These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More

What Else?

Litecoin shares several technological similarities with Bitcoin, including its use of blockchain technology and its status as a decentralized digital currency. As a result, positive developments, upgrades, or innovations in Bitcoin's ecosystem can often benefit Litecoin as well.

This technological correlation can create a positive spillover effect for Litecoin when Bitcoin's price rises.