Litecoin (LTC) resisted today’s downtrend with a price gain of over 12% in 24 hours. With its performance, LTC has established itself as the leading coin among best winners in the past 24 hours. This price move comes amid a market-wide slowdown after the Fed’s latest interest rate hike.
Litecoin (LTC) not only recorded a price rally today, but also retained most of its gains from the past week, with an increase of 14% on the weekly chart.
Litecoin Price Feeds Bulls Ahead of Strategic Events
Not only has Litecoin seen a surge in price, but it has also seen an increase in trading volume of nearly 172% in the past 24 hours. This is a sign that activity on the Litecoin network has increased over the past day.
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Only 24 hours later marking 11 years without any network downtime, Litecoin ranked number one among the top earners. According to a Nasdaq article titled “Is it time to buy Litecoin now?” public sentiment on Litecoin must have improved before the halving events. More investors must have started trading Litecoin, reflecting the current increase in trading volume.
The author listed the factors that could reinforce Litecoin’s price rise in 2023, citing the Mastercard/Litecoin alliance and the halving event. Litecoin will suffer its third halving event by August 2023.
The halving would see Litcoin block rewards halved from 12.5 LTC to 6.25 LTC. This would reduce the circulating supply of Litecoin and may even increase its price. The Litecoin halving event remains one of the most anticipated events in crypto.
Litecoin is 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. This 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 possible price spike. According to a March 20 Posting on Twitter on the official Litecoin page, Litecoin transactions on payment processors continue to grow. Litecoin has become the second most spent cryptocurrency in the world after bitcoin.
Users can now pay with Litecoin via several payment points such as Bitpay, PayPal, Coingate, Shopify, Nowpayments, Crytocom Pay, Binance Pay, etc. This widespread adoption could partly fuel Litcoin’s price performance amid the current downtrend.
Litecoin could be preparing to recoup past losses
Follow Litecoin price history, the coin has seen a steady increase in price and trading volume since last year. Closing 2022 at $70.89 on December 31, Litecoin’s current price reflects a noticeable improvement since the start of January.
Over its 12-year history, Litecoin has delivered impressive returns, growing over 2000% since launch. Its price is up more than 8000% from its January 2015 all-time low of $1.1137.
Starting at $70 on January 1, Litecoin surged above $100 in February. Although it has seen pullbacks, there is a good chance that it will move back above $100 in the coming days when sentiments turn bullish.
Featured image from Pixabay and graphic image from TradingView.com
