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Litecoin Price Hits 9-Month high – Here Are The Top Two Reasons

Published by
Elena R
google news

As Bitcoin, Ethereum and most other cryptocurrencies opened the year on a bullish note, a few of the altcoins couldn’t enter the race immediately. One such altcoin is Litecoin, a decentralized peer-to-peer cryptocurrency which failed to ignite a rally immediately. However, that bear moment was short lived as just after a week of 2023, Litecoin began its bullish momentum. Now, within a month, the Litecoin bulls have managed to push the altcoin from $75 to $100 level.

Currently, Litecoin is selling at $100.14 after a surge of 4.05% over the last 24hrs.

Meanwhile even the industry experts portray a bullish stance towards Litecoin and one among them is a closely followed crypto analyst anonymously known as CryptoDonAlt. The analyst claims that Litecoin has gained 150% against Bitcoin since June 2022. He also predicts a breakout target of 50% more.

Why Litecoin Price Is Surging ?

Further, the reason for Litecoin showing such a bullish trade could be for two reasons – increasing adoption and the upcoming halving. One of the main causes for increased Litecoin adoption is due to its low transaction cost with less time. As per the Santiment data, Litecoin addresses have added nearly 1.15 million LTC tokens in the last seven months. This has pushed Litecoins’ total supply by 0.5%.

The next is Litecoin’s halving which is set to happen in August 2023. Halving is basically done to reduce the currency’s supply and increase the demand. Another analyst and trader known as Satoshi Flipper claims that after Litecoin’s halving, the LTC price will surge between $180 and $200 area.

Hence, the next six months are very crucial for Litecoin price which will decide its further price action.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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