Why did litecoin's price jump today? Crypto market sees modest relief

Litecoin ( LTC-USD ), the 12th largest cryptocurrency by market cap, climbed 9.3% in late Thursday afternoon trading as digital tokens won a moment of reprieve despite the widening downfall of crypto exchange FTX. Crypto price action was mixed during the session, though the global crypto market cap edged up 0.3% to $832.2B at the time of writing, compared with around $3T at the November 2021 peak, according to CoinMarketCap data . Moreover, litecoin ( LTC-USD ), which was developed based on the bitcoin ( BTC-USD ) blockchain, was one of the biggest percentage winners among major cryptos, changing hands at $62.50 as of 4:39 p.m. ET. By comparison, bitcoin ( BTC-USD ) rose 1% to $16.68K but has traded rangebound in the past week as the FTX meltdown put market participants to the sidelines, thus price volatility dropped. Other cryptos: ethereum ( ETH-USD ) -0.3% , binance coin ( BNB-USD ) -1.3% , ripple ( XRP-USD ) +2.7% , dogecoin ( DOGE-USD ) -0.2% , cardano ( ADA-USD ) -1.4% and polkadot ( DOT-USD ) +0.5% . Seeking Alpha contributor The Digital Trend contended that litecoin could see a rally as the token benefits from increased adoption .