Litecoin Price Jumps 13 Percent as Breakout Bitcoin Slows Down
Litecoin price(LTC) was trading at $134.47 by 09:30 UTC on Sunday, up 13.03 percent on a 24-hour adjusted timeframe.
The move uphill pushed Litecoin’s market capitalization to approx $8.18 billion, or 2.36 percent of the net cryptocurrency market valuation. At its top, Litecoin’s market worth was $19.9 billion.
Litecoin is trading in a range defined by $146 and $110 on Coinbase exchange in the last 24 hours. Earlier last week, the cryptocurrency established a cycle low of $109.09 upon finishing a 5-day losing streak of up to 25.58 percent.
The latest upside push negated about 19 percent of those losses, accompanied by a decent reported volume of $5.058 billion across all the cryptocurrency exchanges. At the same time, the “Real 10” Volume, which reportedly removes fraudulent trading activities from the equation, showed $359.989 million worth of Litecoin-enabled trades.
The Halving Pump Spikes Litecoin Price
The Litecoin price surge came at the time when bitcoin’s uptrend was hinting to catch a breath. The leading cryptocurrency, which established a fresh yearly high of $13,868 on Wednesday last week, was also the one to experience a deep plunge later. As of June 27, 20:00 UTC, the bitcoin-to-dollar exchange rate was trading at $10,300.
A decent upside correction took the pair as high as $12,444.77 on Friday, but bitcoin failed to hold the gains over the weekend. At the press time, the cryptocurrency was trading 4.17 percent down from its Saturday top of $12,379.99. That had a visible impact on the pricing of Litecoin. The altcoin’s rate against bitcoin, in the past 24 hours, was 12.16 percent higher.
DonAlt, a famous cryptocurrency market analyst, said on Saturday that Litecoin is “one of the best-looking altcoin charts out there.” He backed his claim with halving, an event that would make LTC more scarce by cutting its supply rate by half. It is now just 33 days away.
“Recipe for a pump if you ask me,” DonAlt said. “I’m still waiting for the weekly close but if it does close anywhere above the green box/line I’ll long targeting new highs.”
The reduction in LTC supply, however, could affect the rewards typically earned by miners. That could cause a drop in the hashrate of Litecoin’s blockchain, as miners start allocating computational power to more profitable altcoins.
However, Charlie Lee differs. The Litecoin creator assured earlier in June that LTC miners would remain profitable despite a reduction in rewards. He said:
“If some miners stop mining, block times go up for a while (maybe a week) before difficulty readjusts and makes mining profitable again and miners will come back. Litecoin won’t die.”