Litecoin (LTC) emerged as the highest gainer on Christmas Day with a formidable efficiency. That put it forward of market leaders like Bitcoin and Ethereum when it comes to efficiency, cementing its place because the market chief through the first half of the vacation season.
Litecoin tops the listing of winners
For the previous 24 hours, Litecoin has been in an upward rally that took its value firmly above $65 and turned resistance into help. The digital asset has seen its value surge over 6% within the final day. The rally stopped slightly below $70 earlier than staging a slight downward correction.
With many of the crypto market remaining subdued via Christmas, Litecoin was on the prime of the listing of winners. It additionally noticed a big improve in trading quantity, which elevated by greater than 180% in 24 hours and stood at $437.7 million on the time of writing. Its market cap surpassed $4.9, surpassing Shiba Inu to reclaim its place because the 14th largest cryptocurrency by market cap.
One other cryptocurrency that made the winners listing was GRT with a value improve of greater than 4.20% over the one-day interval. ICP was third on the listing with a 3.56% acquire, whereas CSPR adopted carefully with a 3.21% acquire. Terra Basic (LUNC) was quantity 5 on the listing, and is up round 3% over the Christmas interval to $0.0001486.
Can LTC attain $100?
Litecoin’s latest bullish transfer could be attributed to CNBC’s Jim Cramer saying in an interview that cryptocurrency holders are “idiots.” After that, the digital asset began trending on social media, resulting in an upward rally on Christmas Day.
Bulls Try and Push LTC Above $70 | Supply: BTCUSD on TradingView.com
Nevertheless, LTC encountered a roadblock simply earlier than reaching $70. Though this places it above its 50- and 100-day shifting averages, there was nonetheless sufficient resistance from the bears to forestall it from retaking this place within the short-term. Because of this efficiently hitting $70 for LTC is more likely to entail a fast surge to $80. However $100 remains to be a good distance off for LTC.
The latest rally is just not bringing sufficient momentum to take all of it the best way to $100. As well as, the crypto winter remains to be in full swing and it’s changing into unlikely that the digital asset might attain this value level within the brief time period. If Bitcoin continues to fall and hits $10,000, LTC might hit a low of $30 earlier than the following bull market begins.
Nevertheless, a key occasion to be careful for that would mark an uptrend for Litecoin could be the following halving occasion in August 2023. If that occurs, the block reward might fall one other 50% to six.25 LTC. This drop in provide might push the value higher so long as demand stays high.
Featured picture from GoBankingRates, chart from TradingView.com