Litecoin (LTC) was boosted by news that the coin would be part of a physically backed exchange-traded product (ETPs), and this helped the cryptocurrency soar to new highs for the year. Dogecoin (DOGE) was one of the best weekend performers with a double digit return on Sunday.
US bank earnings will dominate the stock market this week with JP Morgan and Goldman Sachs leading the charge on Wednesday. Inflation data will also be released for the US and eurozone this week, while US retail sales could also be a driver for stocks.
Litecoin at new highs on ETP news, DOGE lifts
Bitcoin hit the $61,000 level this week, and ether also remained elevated at recent all-time highs. Traders have not been able to advance either coin too far this week, but there is still a lack of sellers coming in and the bulls have momentum.
Litecoin was able to advance to new highs above $260 for the year on news that Coinshares was listing an exchange-traded LTC fund on a Swiss exchange. The company also noted institutional demand growing for coins outside of BTC and LTC after the recent bull run in both.
Trade Litecoin to US Dollar - LTC/USD CFD
Dogecoin could also be in the news this week after a near 20% gain on Sunday and the coin is looming near its own all-time high price at $0.072.
US bank stocks and data will drive stocks
Bank stocks have been supported by the stronger US economy and the move to a full reopening. Analysts expect the improved economic outlook will boost the Q1 earnings and beyond. Banks are expected to see better earnings from “released reserves,” where the money set aside for the pandemic fallout are released back into the company.
Tuesday will see inflation figures released for the US, with the inflation rate expected to jump from 1.7% to 2.5%. This could put pressure on the Federal Reserve if the number comes in higher. The European economy will also see inflation updated on Friday but the ongoing lockdowns are expected to see prices cool. German inflation may have the same theme on Thursday, while US retail sales for March will be released with markets looking for a strong bounce to 5.5% from February’s 3% drop.