Litecoin has seen one of the spectacular runs of any cryptocurrency over the past couple of weeks and this run has propelled the altcoin’s standing within the trade. After rallying greater than 30% over a interval of three weeks, the digital asset is now the Tenth-largest cryptocurrency within the area.
LTC’s Market Cap Crosses $7.1 Billion
Within the area of a month, the worth of Litecoin’s native LTC token shot up from its June lows of $71 and moved as excessive as $115 earlier than the rally burned out. Following this, the market cap of the digital asset moved up quickly, beating out some heavy hitters within the area.
Presently, the market cap of the altcoin is sitting above $7.1 billion, regardless of the worth falling again beneath the $100 stage. Its market cap now makes it the Tenth-largest cryptocurrency out there, popping out forward of the likes of Polygon (MATIC), Tron (TRX), and Bitcoin Money (BCH).
Litecoin’s standing now makes it the seventh most respected cryptocurrency out there when stablecoins are faraway from the highest 10. This transfer has additionally solidified Litecoin’s place as an essential participant, regardless of its worth correction.
LTC worth hits native excessive of $115 earlier than correction | Supply: LTCUSD on TradingView.com
May Litecoin Run Additional From Right here?
The largest bull case for the worth of LTC is the Litecoin halving occasion that’s arising. Solely 20 days away from now, traders are already gearing up for what is anticipated to be a really important occasion. These expectations additionally naturally prolong to the worth and this might be the rationale that the digital asset’s worth continues to rise.
Simply the anticipation from the final month alone has seen the worth cross $115 at its native excessive. However because the occasion attracts nearer and this bullish sentiment continues, the LTC worth might rapidly reclaim this worth and run one other 50%.
LTC halving occasion occurring in 20 days | Supply: Litecoin Halving
In a single occasion, crypto analyst Michael van de Poppe has predicted that LTC might rally as excessive as $200 off the halving occasion alone. If this occurs, then traders might be taking a look at positive aspects of over 100% simply from the present bounce-off level.
Nonetheless, one concern is that the Litecoin halving might find yourself being a ‘purchase the rumor, promote the information’ occasion. Examples of this have been the Cardano Alonzo improve in 2021 and Ethereum’s Shapella improve in 2023.
In each of those instances, the token costs rallied within the weeks main as much as the occasion however ultimately fell flat and retraced as soon as the occasion was accomplished. So if Litecoin leads to the identical development, then it might be greatest to promote within the weeks main as much as the occasion.
For now, LTC’s worth remains to be holding regular at $97, regardless of nursing 8.09% losses on the 7-day chart.
