Litecoin (LTC) emerged as the highest gainer over Christmas Day with a powerful efficiency. This put it forward of market leaders akin to bitcoin and ethereum when it comes to efficiency, solidifying its place because the market chief via the primary half of the vacations.
Litecoin Tops Listing Of Gainers
Over the past 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% enhance in worth during the last day. The rally stopped slightly below $70 earlier than a slight downward correction came about.
On condition that a lot of the crypto market remained muted via Christmas, this put Litecoin proper on the prime of the gainers’ checklist. It additionally noticed a big leap 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 checklist was GRT with greater than a 4.20% enhance in worth over the one-day interval. ICP was third on the checklist with 3.56% beneficial properties, whereas CSPR adopted carefully behind at 3.21%. Terra Basic (LUNC) featured as fifth on the checklist, rising about 3% on Christmas to be sitting at $0.0001486.
Can LTC Attain $100?
Litecoin’s current bullish motion may 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 | Supply: BTCUSD on TradingView.com
Nevertheless, LTC hit a roadblock simply earlier than reaching $70. Though this put it above its 50 and 100-day shifting averages, there was nonetheless sufficient resistance from the bears to maintain it from reclaiming this place within the brief time period. Which means efficiently beating $70 will doubtless see a speedy rise to $80 for LTC. However $100 stays a great distance off for LTC.
The current rally doesn’t carry sufficient momentum to see it via to $100. Add in the truth that the crypto winter remains to be in full swing and it turns into inconceivable that the digital asset would be capable of attain this worth degree within the brief time period. If bitcoin have been to fall additional and hit $10,000, then LTC might attain a low of $30 earlier than the following bull market begins.
One essential occasion to look in the direction of that would mark a bullish pattern for Litecoin, although, could be the following halving occasion occurring in August 2023. When this occurs, the block reward might drop one other 50% to six.25 LTC. This lower in provide might find yourself pushing the worth upwards, so long as demand stays excessive.
Featured picture from GoBankingRates, chart from TradingView.com