- Litecoin has risen to be the tenth largest cryptocurrency ahead of Polygon, Tron, and Bitcoin Cash.
- Litecoin has been breaking records before the imminent halving event in just 20 days.
Litecoin has recorded an impressive performance in the last few weeks, solidifying its position as an important market player. The coin has become the seventh most cryptocurrency in the market after stablecoins were removed from the ranking. The digital asset rallied more than 30% in three weeks and became the tenth-largest cryptocurrency ahead of Polygon, Tron, and Bitcoin Cash.
Within the last month, Litecoin’s native LTC token had sprung from a low of $71 in June to $115 before its 30% rally died out. The digital asset’s circulating market cap has increased rapidly and is sitting above $7.1 billion, beating some big names in the industry. The altcoins market cap ranks as the tenth largest cryptocurrency despite the retail price falling below the $100 level.
Litecoin’s enthusiasts and investors are speculating about the most significant bull case propelled by the upcoming Litecoin halving event. Investors are gearing up for what is expected to be a record-breaking event, just 20 days away. High expectations naturally extend the coin’s prices and could be one of the reasons the coin is performing well.
🔍 Search trends for #Litecoin hit a new yearly peak! Media topics suggest the upcoming halving event (ETA 20 days) is a key driver for the heightened interest.#LTC pic.twitter.com/Ato8P7proy
— IntoTheBlock (@intotheblock) July 12, 2023
The scarcity brought about by the halving is one of the reasons behind the latest coin rallies and has prompted investors to speculate a significant impact on the cryptocurrency’s value.
June’s anticipation alone propelled LTC’s price to $115 as its new high. As the halving event draws closer and the bullish sentiment continues, there are speculations that the LTC price could quickly rise past $115 by 50% or so.
Crypto enthusiast and analyst Michael van de Poppe has predicted that LTC price might go as high as $200 from the halving event alone. If the prediction comes to pass, investors might gain over 100% in profits from the current bounce-off point.
Messy chart, but #Litecoin looks ready for the pre-halving rally and follow $BCH in a potential 2x.
Been mentioning it a few times, but it looks really good. pic.twitter.com/RYXolyDrvF
— Michaël van de Poppe (@CryptoMichNL) June 30, 2023
However, there are fears that the Litecoin halving event might be a ‘buy the rumor, sell the news’ event. The concerns are rising from the recent coin’s price dip below the $100 mark, trapping the coin within a tight trading range. The Cardano Alonzo upgrade in 2021, and Ethereum’s Shapella upgrade in 2023 are examples of such events. In these cases, the token prices rallied in the weeks leading to the halving event but eventually flopped face down and retraced after the event. If Litecoin follows that trend, it would be best to sell before the halving happens.
However, there is a dilemma among LTC enthusiasts as the stagnation and the lack of volatility resembles the late 2016 and early 2017 periods. Litecoin went through a price surge during this period, rising by more than 100 times its initial value.
As of the writing date, LTC’s prices have nursed an 8.09% loss in even days, holding steadily at $97.
