Litecoin (LTC) Tops List Of Christmas Gainers, Is $100 Still Possible?

Litecoin (LTC) emerged as the highest gainer over Christmas Day with a powerful efficiency. This put it forward of market leaders resembling bitcoin and ethereum by way of efficiency, solidifying its place because the market chief by the primary half of the vacations.

Litecoin Tops Record Of Gainers

During the last 24 hours, Litecoin has been on an upward rally that put its value firmly above $65, turning resistance into help for it. The digital asset noticed upwards of a 6% improve in value over the past day. The rally stopped just under $70 earlier than a slight downward correction befell.

On condition that many of the crypto market remained muted by Christmas, this put Litecoin proper on the top of the gainers’ list. It additionally noticed a big bounce in buying and selling quantity, rising greater than 180% over the 24-hour interval to be sitting at $437.7 million on the time of this writing. Its market cap crossed $4.9 and this noticed it surpass Shiba Inu to reclaim its spot because the 14th largest cryptocurrency by market cap.

Different cryptocurrencies that made the gainers listing was GRT with greater than a 4.20% improve in value over the one-day interval. ICP was third on the listing with 3.56% good points, whereas CSPR adopted carefully behind at 3.21%. Terra Basic (LUNC) featured as fifth on the listing, rising about 3% on Christmas to be sitting at $0.0001486.

Can LTC Attain $100?

Litecoin’s current bullish motion could be attributed to CNBC’s Jim Cramer saying throughout an interview that holders of the cryptocurrency are “idiots.” Following this, the digital asset had begun to pattern on social media, leading to an upward rally on Christmas Day.

Bulls attempt to push LTC above $70 | Supply: BTCUSD on TradingView.com

Nonetheless, LTC hit a roadblock simply earlier than reaching $70. Although this put it above its 50 and 100-day transferring averages, there was nonetheless sufficient resistance from the bears to maintain it from reclaiming this place within the quick time period. Which means efficiently beating $70 will doubtless see a fast rise to $80 for LTC. However $100 stays a great distance off for LTC.

The current rally doesn’t carry sufficient momentum to see it by to $100. Add in the truth that the crypto winter remains to be in full swing and it turns into unbelievable that the digital asset would be capable to attain this value degree within the quick time period. If bitcoin had been to fall additional and hit $10,000, then LTC may attain a low of $30 earlier than the subsequent bull market begins.

One necessary occasion to look in the direction of that might mark a bullish pattern for Litecoin, although, can be the subsequent halving event happening in August 2023. When this occurs, the block reward may drop one other 50% to six.25 LTC. This lower in provide may find yourself pushing the worth upwards, so long as demand stays excessive.

Featured picture from GoBankingRates, chart from TradingView.com