Litecoin (LTC), a prominent alternative cryptocurrency, has recently witnessed a significant surge, marking its position as one of the top performers in the cryptocurrency market. After trading at lows around $78 on March 20, Litecoin experienced a dramatic upswing, breaking past the $100 barrier to achieve its highest level since early July 2023.
On Friday, March 29, the price of LTC spiked nearly 16% to reach a nine-month high of $110. While it has slightly retreated from these highs to around $104, Litecoin still stands as one of the best performing cryptocurrencies over the last 24 hours.
Data from CoinGecko reveals that Litecoin’s 24-hour gains stand at 12% as of 8:40 am UTC on March 30. In the realm of the top 20 cryptocurrencies by market cap, it is outperformed only by Solana, Bitcoin Cash, and Toncoin, each registering gains of about 5% within the same timeframe. In the broader spectrum of the top 100 coins by market cap, dogwifhat, a meme coin, and Jupiter, a DEX platform, are the only two surpassing Litecoin with 25% and 18% gains, respectively.
Meanwhile, Bitcoin and Ethereum maintain stability around $70,000 and $3,500, respectively, showing minimal change on the day.
The recent uptick in Litecoin’s value has been attributed to several factors. First, an announcement by Coinbase about introducing LTC futures trading on April 1 generated considerable market excitement, propelling the coin from $77 to highs of $98. Additionally, a regulatory complaint filed by the CFTC against the KuCoin exchange on March 26 recognized Litecoin as a commodity, alongside Ethereum, fueling speculation about potential Litecoin spot ETFs.
Anticipation surrounding the upcoming Bitcoin halving is another significant driver of interest in Litecoin. Investors are increasingly acquiring LTC in preparation for this event, as evidenced by a spike in new Litecoin wallets.
Looking ahead, Litecoin’s price trajectory appears bullish. The formation of a cup and handle pattern suggests potential gains to $120 and possibly even $150 if the price holds above $100. However, there are hurdles to overcome, including a resistance level at $115. Crypto analyst Rekt Capital notes that a monthly close above $122 will be crucial for sustained upward movement. Conversely, a rejection could see Litecoin retreat to $95 or even as low as $78. The positive forecast is further supported by a bullish daily RSI and a strengthening MACD.
This surge in Litecoin’s value is a sign of the digital currency awakening from a period of relative dormancy, capturing the attention of investors and market observers alike.
