Litecoin (LTC) emerged as the highest gainer over Christmas Day with a powerful efficiency. This put it forward of market leaders corresponding to bitcoin and ethereum by way of efficiency, solidifying its place because the market chief by way of the primary half of the vacations.
Litecoin Tops Record Of Gainers
Over the past 24 hours, Litecoin has been on an upward rally that put its value firmly above $65, turning resistance into assist for it. The digital asset noticed upwards of a 6% enhance in value over the past day. The rally stopped just under $70 earlier than a slight downward correction occurred.
Provided that a lot of the crypto market remained muted by way of Christmas, this put Litecoin proper on the top of the gainers’ list. It additionally noticed a big soar 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 value over the one-day interval. ICP was third on the checklist with 3.56% features, whereas CSPR adopted intently behind at 3.21%. Terra Traditional (LUNC) featured as fifth on the checklist, rising about 3% on Christmas to be sitting at $0.0001486.
Can LTC Attain $100?
Litecoin’s latest 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. Although 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 quick time period. Which means efficiently beating $70 will doubtless see a fast rise to $80 for LTC. However $100 stays a good distance off for LTC.
The latest rally doesn’t carry sufficient momentum to see it by way of to $100. Add in the truth that the crypto winter continues to be in full swing and it turns into inconceivable that the digital asset would have the ability to attain this value stage within the quick time period. If bitcoin have been to fall additional and hit $10,000, then LTC might attain a low of $30 earlier than the subsequent bull market begins.
One vital occasion to look in direction of that might mark a bullish pattern for Litecoin, although, could be the subsequent halving event happening 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
