Litecoin (LTC) resisted today’s downtrend with an over 12% price gain within 24 hours. With its performance, LTC emerged as the leading coin among top gainers over the past 24 hours. This price movement comes amid a market-wide downturn after the Fed’s latest interest rate hike.
Litecoin (LTC) did not just score a price rally today but also retained most of its past week’s gains, with a 14% increase on the weekly chart.
Litecoin Price Feeding The Bulls Ahead Of Strategic Events
Not only did Litecoin observe a surge in price, but it also recorded a rise in trading volume of nearly 172% over the past 24 hours. That is a sign that the Litecoin network activity has multiplied in the last day.
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Only 24 hours after marking 11 years of zero network downtime, Litecoin ranked as the number one among top gainers. According to a Nasdaq article titled “Is It Time to Buy Litecoin Right Now?” public sentiment on Litecoin must have improved ahead of the halving events. More investors must have started trading on Litecoin, reflecting the current surge in trading volume.
The author listed the factors that might bolster Litecoin’s price rally in 2023, citing the Mastercard/Litecoin alliance and the halving event. Litecoin will undergo its third halving event by August 2023.
The halving would see Litcoin’s block rewards reduced by half from 12.5 LTC to 6.25 LTC. That would reduce Litecoin’s circulating supply and might even boost its price. The Litecoin halving event remains one of the most anticipated events in crypto.
Litecoin Gaining Mass Adoption
A growth catalyst for Litecoin in 2023 is its partnership with Mastercard Incorporated. Mastercard will roll out Litecoin cards to customers in the European Union and the United Kingdom as part of this partnership. That would make Litecoin more valuable as it facilitates mainstream crypto adoption for payments in Europe.
Users must have already started buying Litecoin in anticipation of these events while expecting a potential price surge. According to a March 20 Twitter post on Litecoin’s official page, Litecoin transactions on payment processors continue to grow. Litecoin has become the second most spent cryptocurrency globally after Bitcoin.
Users can now pay with Litecoin via several payment outlets such as Bitpay, PayPal, Coingate, Shopify, Nowpayments, Crytocom Pay, Binance Pay, etc. This mainstream adoption might partly be fueling Litcoin’s price performance amid the ongoing bearish trend.
Litecoin Might Be Gearing Up To Reclaim Past Losses
Following Litecoin’s price history, the coin has witnessed a steady rise in price and trading volume since last year. Closing 2022 at $70.89 on December 31, Litecoin’s current price reflects a notable improvement since the start of January.
Over its 12 years of existence, Litecoin has yielded impressive returns, with a more than 2,000% increase since its launch. Its price has rallied over 8,000% higher than its January 2015 all-time low of $1.1137.
Starting at $70 on January 1, Litecoin bullishly rallied above $100 in February. Though it experienced pullbacks, chances are high that it might retrace above $100 in the coming days when sentiments turn bullish.
Featured image from Pixabay and chart image from TradingView.com