Litecoin Turns into 10th-Largest Cryptocurrency, However Is There Nonetheless Room To Run?

Litecoin has seen one of the spectacular runs of any cryptocurrency during the last couple of weeks and this run has propelled the altcoin’s standing within the trade. After rallying greater than 30% over a interval of three weeks, the digital asset is now the 10th-largest cryptocurrency within the area.

LTC’s Market Cap Crosses $7.1 Billion

Within the area of a month, the value of Litecoin’s native LTC token shot up from its June lows of $71 and moved as excessive as $115 earlier than the rally burned out. Following this, the market cap of the digital asset moved up quickly, beating out some heavy hitters within the area.

Presently, the market cap of the altcoin is sitting above $7.1 billion, regardless of the value falling again under the $100 stage. Its market cap now makes it the 10th-largest cryptocurrency available in the market, popping out forward of the likes of Polygon (MATIC), Tron (TRX), and Bitcoin Money (BCH).

Litecoin’s standing now makes it the seventh Most worthy cryptocurrency available in the market when stablecoins are faraway from the highest 10. This transfer has additionally solidified Litecoin’s place as an vital participant, regardless of its value correction.

LTC value hits native excessive of $115 earlier than correction | Supply: LTCUSD on TradingView.com

May Litecoin Run Additional From Right here?

The most important bull case for the value of LTC is the Litecoin halving occasion that’s arising. Solely 20 days away from now, buyers are already gearing up for what is anticipated to be a really vital occasion. These expectations additionally naturally prolong to the value and this could possibly be the explanation that the digital asset’s value continues to rise.

Simply the anticipation from the final month alone has seen the value cross $115 at its native excessive. However because the occasion attracts nearer and this bullish sentiment continues, the LTC value may rapidly reclaim this value and run one other 50%.

LTC halving occasion taking place in 20 days | Supply: Litecoin Halving

In a single occasion, crypto analyst Michael van de Poppe has predicted that LTC may rally as excessive as $200 off the halving occasion alone. If this occurs, then buyers could possibly be taking a look at good points of over 100% simply from the present bounce-off level.

Nonetheless, one concern is that the Litecoin halving may find yourself being a ‘purchase the rumor, promote the information’ occasion. Examples of this have been the Cardano Alonzo improve in 2021 and Ethereum’s Shapella improve in 2023.

In each of those instances, the token costs rallied within the weeks main as much as the occasion however ultimately fell flat and retraced as soon as the occasion was accomplished. So if Litecoin leads to the identical pattern, then it might be finest to promote within the weeks main as much as the occasion.

For now, LTC’s value continues to be holding regular at $97, regardless of nursing 8.09% losses on the 7-day chart.