Litecoin (LTC) has seen a surge in worth, rising by over 9% within the final 24 hours and over 11% within the final week. The cryptocurrency is now on monitor to reclaim its earlier highs previous to the terra collapse.
This surge in worth comes as bitcoin and different crypto tokens noticed some revenue reserving on March 23 attributable to elevated rates of interest by the U.S. Federal Reserve, dragging riskier property decrease.
Litecoin is now centered on surpassing its pre-terra highs above the $100 threshold. Analyst Rekt Capital has predicted new highs for litecoin, contemplating the upcoming litecoin halving this 12 months. After the primary halving, litecoin rallied by 14,200%, and it elevated by 1,574% after the second halving.
Rekt Capital believes {that a} related surge ought to be anticipated after the third halving, which is scheduled for July this 12 months. The analyst predicted {that a} breakout ought to be anticipated someday in July 2024.
Litecoin has grown in reputation as an internet cost possibility, attributed to its excessive community pace and low charges. According to analysis by crypto cost processor Coingate printed on March 1, litecoin was the fourth most used crypto as a cost possibility in on-line buying in 2022.
Litecoin presents a sooner, cheaper, and extra revolutionary different to bitcoin, making it a preferred cryptocurrency with a devoted following. Its mining algorithm, Scrypt, is designed to withstand specialised mining {hardware}, maintaining the community extra decentralized.
Litecoin’s latest surge in worth comes as Bitcoin and different crypto tokens noticed some revenue reserving on March 23, with the U.S. Federal Reserve growing rates of interest by one other 25 foundation factors. Bitcoin dropped sharply after the rate of interest hikes as the most important crypto token slipped beneath the $28,000 mark.
However, litecoin has bucked this pattern and is at the moment buying and selling at $88.38, up 11.57% up to now week. The peer-to-peer cryptocurrency is ranked because the thirteenth cryptocurrency by market cap, with a market cap of $6.4 billion.
