- As at press time, Litecoin was among top gainers in the last 24 hours.
LTC respecting trendline as it dominates payments by cryptocurrencies.
As a seasoned researcher with years spent navigating the tumultuous seas of the cryptocurrency market, I find myself intrigued by Litecoin’s [LTC] recent performance. The coin has shown remarkable resilience and strength in the face of market volatility, securing its place among the top gainers over the past 24 hours.
Over the past 24 hours, I’ve found myself in a fortunate position as Litecoin [LTC], one of my investments, has been among the top performers in the crypto market. It managed to outshine nearly every coin within the top 100 by market capitalization, except for Conflux [CFX]. This has resulted in Litecoin securing the second spot among the day’s gainers.
Regardless of other cryptocurrencies exhibiting only minor fluctuations, Litecoin (LTC) has proven its resilience, serving as a reminder of its significant potential. Having reached over $400 in value during 2021, Litecoin showcased its capacity to compete with heavyweights like Bitcoin [BTC] and Ethereum [ETH] at the highest tier.
At the moment, according to CoinMarketCap, I’ve observed that Litecoin (LTC) has surged more than 2% in value. Meanwhile, many other large-cap coins seem to be grappling with slower growth. This upward trend for Litecoin could suggest its increasing momentum amidst the otherwise sluggish market situation.
As a researcher, I’ve observed an impressive 17% increase in the trading volume for LTC within the last 24 hours. This surge, in turn, has elevated the volume-to-market cap ratio by approximately 4.25%. This heightened trading activity serves as a catalyst, offering the essential liquidity to drive future price dynamics.
Given its current strong performance, Litecoin seems poised to potentially reach even greater price heights. Many investors are speculating a $80 target, but is such an increase feasible?
Trendline respect & prediction
As a researcher observing the cryptocurrency market, I’ve noticed a notable surge in Litecoin’s price, indicating a strong bullish trend. Since the market downturn on August 5th, Litecoin has adhered to an ascending trendline, mirroring the recovery pattern of other coins that have rebounded since then.
For the past four days, LTC has continued to climb, suggesting it might shine as a top performer in the current quarter (Q4).
Historically, the fourth quarter (Q4) tends to be favorable for the wider cryptocurrency market, although its performance can be erratic due to the volatile nature of financial markets.
Indicators also supporting a continued upward movement. The MACD’s golden cross, signals a potential bullish momentum. Meanwhile, seller volume is decreasing, and bullish traders are taking control of the market.
Moreover, the Capital Movement Factor (CMF) is registering positive figures, signifying an influx of funds into Litecoin, thereby strengthening the hypothesis of an upcoming bull market.
If LTC manages to break through and sustain itself above $70, maintaining that momentum would become more probable. In such a case, hitting the $80 mark could become progressively more likely, indicating a possible 22% jump from its current value.
Litecoin dominates payment
Examining further data, LTC‘s influence over cryptocurrency transactions on BitPay remains a significant factor in its progression.
Based on data from BitPay’s September report, it appears that Litecoin (LTC) leads in transaction usage, accounting for approximately 37% of all cryptocurrency transactions conducted on their platform. This is a significant margin over Bitcoin (BTC), which comes in second place with around 25%.
2018 has seen Litecoin consistently holding a leading spot, outperforming both Ethereum (ETH) and Bitcoin Cash (BCH) in terms of performance.
LTC & BTC halving history
To summarize, Litecoin’s past performance has a historical parallel, especially when considering its correlation with Bitcoin halving occurrences.
Read Litecoin’s [LTC] Price Prediction 2024–2025
Historically, Litecoin’s halving event happens about 8 months prior to Bitcoin’s, and often times, both cryptocurrencies show a surge in value around the time of these events, continuing for several months afterward.
If this trend continues, Long Term Capital (LTC) might see an upward surge in the fourth quarter, further strengthening the possibility of reaching the $80 mark again if overall market trends remain positive.
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2024-10-07 11:04