Litecoin (LTC) bucked the current downtrend with its price up more than 12% in 24 hours. With its performance, LTC emerged as a leading coin among top gainers over the past 24 hours. This price move comes amid a bearish market following the Fed’s latest rate hike.
Litecoin (LTC) not only scored a price rally today but also retained most of last week’s gains, as well an increase of 14%. on the weekly chart.
Litecoin Price Feeds Bulls Before Strategic Events
Litecoin has not only seen a rise in price, but has also recorded a rise in trading volume of nearly 172% in the past 24 hours. This is a sign that Litecoin network activity has increased significantly in recent days.
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Just 24 hours later give a sign 11 years of zero network downtime, Litecoin ranks as number one among the top gainers. According to a Articles Nasdaq titled “Is Now the Time to Buy Litecoin?” Public sentiment on Litecoin has certainly improved before the halving event. More investors should start trading in Litecoin, reflecting the increase in trading volume today.
The author lists the factors that could promote the Litecoin price rally in 2023, citing the Mastercard/Litecoin alliance and the halving event. Litecoin will experience third round event in August 2023.
Halving will see the Litcoin block reward halved from 12.5 LTC to 6.25 LTC. That will reduce the circulating supply of Litecoin and possibly increase its price. The Litecoin halving event remains one of the most anticipated events in crypto.
Litecoin Gains Mass Adoption
The growth catalyst for Litecoin in 2023 is the partnership with Mastercard Incorporated. Mastercard will issue Litecoin cards to customers in the European Union and the United Kingdom as part of this partnership. That will make Litecoin more valuable as it facilitates mainstream crypto adoption for payments in Europe.
Users should have already started buying Litecoin in anticipation of the event in anticipation of a potential price spike. By March 20 Twitter posts on Litecoin’s official page, Litecoin transactions on payment processors continue to grow. Litecoin has become second most used global cryptocurrency after Bitcoin.
Users can now pay with Litecoin through some payment shops such as Bitpay, PayPal, Coingate, Shopify, Nowpayments, Crytocom Pay, Binance Pay, etc. This mainstream adoption is likely to impact Litcoin price performance amid bearish trends.
Litecoin may be poised to recoup its past losses
Followed by Litecoin which 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, the current Litecoin price shows a significant improvement since the beginning of January.
Through its 12 years of existence, Litecoin has produced impressive results, with an increase of more than 2,000% since its launch. The price has rallied over 8,000% higher than the January 2015 all-time low of $1.1137.
Starting at $70 on January 1, Litecoin bullishly rallied above $100 in February. Even if it experiences a pullback, it is highly likely to retrace above $100 in the coming days when sentiment turns bullish.
Option image from Pixabay and chart image from TradingView.com