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In addition to Bitcoin, Litecoin is also one of the coins that have grown well recently. Some crypto enthusiasts have already found out whether it will go on and what the possible reason for this is.
Litecoin one of the top runners
Litecoin is one of the most popular and oldest cryptocurrencies on the market. LTC struggled with it again and again, but Litecoin finally managed to get back into the top 7 on Coinmarketcap. A few days ago, EOS managed to catch up with LTC, but that was only for a short time. Due to a sharp rise in prices, LTC has managed to regain its place.
While many altcoins are not currently experiencing such a big surge, LTC has managed to gain a good 7.40 percent in the last 24 hours, bringing it closer to $ 70. According to data from Coinmarketcap.com, the price of the coin is currently around $ 67 and has a market capitalization of $ 4.3 billion. That means Litecoin is very close to the largest stablecoin tether (USDT) with a market valuation of $ 4.55 billion.
The price increase may well be related to the fact that Binance now also offers Litecoin futures. The timing of the price increase and the start of these futures are very close.
At the same time, however, some enthusiasts and traders believe that the pair LTCUSD owes the price rise due to a golden cross that takes place on the 4-hour chart.
In addition to Litecoin, three other cryptocurrencies have risen in the past 24 hours. These include Ethereum with 2.18 percent, XRP with 0.75 percent and Binance Coin with 0.45 percent.
Many assume that Litecoin will continue to rise. Not much is missing until the coin surpasses USDT and finally reaches the 5th place, which would catch up with Bitcoin SV, which has risen sharply in recent months. In fourth place is Bitcoin Cash with a market capitalization of $ 6.87 billion.
Litecoin has been in the bear trend since June 2019, when a high of $ 140 was reached. After August 5, the halving event occurred, halving the new issue from 25 coins per block to 12.5 coins per block. At this point in time, this event had no positive impact, but could do so in the future if demand for it suddenly increases. The hash rate has been stable for the past 45 days.
Image source: Pixabay
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