Litecoin (LTC) emerged as the highest gainer over Christmas Day with a formidable efficiency. This put it forward of market leaders equivalent to bitcoin and ethereum when it comes to efficiency, solidifying its place because the market chief by means of the primary half of the vacations.
Litecoin Tops List Of Gainers
Over the final 24 hours, Litecoin has been on an upward rally that put its worth firmly above $65, turning resistance into help for it. The digital asset noticed upwards of a 6% improve in worth during the last day. The rally stopped slightly below $70 earlier than a slight downward correction occurred.
Given that a lot of the crypto market remained muted by means of Christmas, this put Litecoin proper on the top of the gainers’ list. It additionally noticed a major soar in buying and selling quantity, rising greater than 180% over the 24-hour interval to be sitting at $437.7 million on the time of this writing. Its market cap crossed $4.9 and this noticed it surpass Shiba Inu to reclaim its spot because the 14th largest cryptocurrency by market cap.
Other cryptocurrencies that made the gainers listing was GRT with greater than a 4.20% improve in worth over the one-day interval. ICP was third on the listing with 3.56% good points, whereas CSPR adopted carefully behind at 3.21%. Terra Classic (LUNC) featured as fifth on the listing, rising about 3% on Christmas to be sitting at $0.0001486.
Can LTC Reach $100?
Litecoin’s latest bullish motion could be attributed to CNBC’s Jim Cramer saying throughout an interview that holders of the cryptocurrency are “idiots.” Following this, the digital asset had begun to pattern on social media, leading to an upward rally on Christmas Day.
Bulls attempt to push LTC above $70 | Source: BTCUSD on TradingView.com
However, LTC hit a roadblock simply earlier than reaching $70. Even although this put it above its 50 and 100-day transferring averages, there was nonetheless sufficient resistance from the bears to maintain it from reclaiming this place within the quick time period. This signifies that efficiently beating $70 will possible see a fast rise to $80 for LTC. But $100 stays a good distance off for LTC.
The latest rally doesn’t carry sufficient momentum to see it by means of to $100. Add in the truth that the crypto winter continues to be in full swing and it turns into inconceivable that the digital asset would have the ability to attain this worth stage within the quick time period. If bitcoin have been to fall additional and hit $10,000, then LTC may attain a low of $30 earlier than the following bull market begins.
One vital occasion to look in the direction of that would mark a bullish pattern for Litecoin, although, could be the following halving event happening in August 2023. When this occurs, the block reward may drop one other 50% to six.25 LTC. This lower in provide may find yourself pushing the value upwards, so long as demand stays excessive.
Featured picture from GoBankingRates, chart from TradingView.com
