Litecoin (LTC) emerged as the highest gainer over Christmas Day with a formidable efficiency. This put it forward of market leaders akin to bitcoin and ethereum by way of efficiency, solidifying its place because the market chief by the primary half of the vacations.
Litecoin Tops Record Of Gainers
During the last 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 over the past day. The rally stopped slightly below $70 earlier than a slight downward correction came about.
Provided that a lot of the crypto market remained muted by Christmas, this put Litecoin proper on the top of the gainers’ list. It additionally noticed a big bounce 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.
Different 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% positive factors, whereas CSPR adopted intently behind at 3.21%. Terra Basic (LUNC) featured as fifth on the listing, rising about 3% on Christmas to be sitting at $0.0001486.
Can LTC Attain $100?
Litecoin’s current bullish motion might 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 development on social media, leading to an upward rally on Christmas Day.
Bulls attempt to push LTC above $70 | Supply: BTCUSD on TradingView.com
Nonetheless, LTC hit a roadblock simply earlier than reaching $70. Despite the fact that 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. Which means efficiently beating $70 will probably see a fast rise to $80 for LTC. However $100 stays a good distance off for LTC.
The current rally doesn’t carry sufficient momentum to see it by to $100. Add in the truth that the crypto winter continues to be in full swing and it turns into unbelievable that the digital asset would be capable to attain this worth degree 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 might mark a bullish development for Litecoin, although, can 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