Litecoin jumped to nine-month highs early on Tuesday, replacing bitcoin cash as the seventh-largest cryptocurrency by market value.
The cryptocurrency rose to $75.77 during the Asian trading hours, a level last seen on Feb.24, according to the CoinDesk 20. Trading down slightly at $74, litecoin is still up 9% on a 24-hour basis at press time.
Once referred to as the silver to bitcoin’s gold, litecoin has far fallen behind the top cryptocurrency in recent years. Bitcoin’s market cap is now near $310 billion, over 60 times greater.
Litecoin’s recovery from September lows near $40 picked up the pace on Oct. 21 after online payments giant PayPal announced support for the cryptocurrency alongside bitcoin, ether and bitcoin cash. Litecoin jumped over 13% at the news, confirming a bullish pattern on technical charts, and has remained bid ever since.
While litecoin is up 80% this year, bitcoin has gained over 120%. The first ever cryptocurrency reached a 33-month high of $16,885 on Monday and was last seen at $16,700. Prices have risen by more than $6,000 since early October, given a push by investments from notable companies.
Bitcoin’s continued rally looks now to be dragging along alternative cryptocurrencies in general. Chainlink’s LINK and Stellar’s XLM have gained 5% on a 24-hour basis, while XRP has risen by 10%. Ether, the second-largest cryptocurrency, is up over 2% at $465. However, unlike litecoin and bitcoin, many top altcoins are yet to challenge their respective third-quarter highs.