Litecoin (LTC) resisted today’s downtrend with an over 12% price gain within 24 hours. With its performance, LTC emerged as the leading coin among top gainers over the past 24 hours. This price movement comes amid a market-wide downturn after the Fed’s latest interest rate hike.

Litecoin (LTC) did not just score a price rally today but also retained most of its past week’s gains, with a 14% increase on the weekly chart.

Litecoin Price Feeding The Bulls Ahead Of Strategic Events

Not only did Litecoin observe a surge in price, but it also recorded a rise in trading volume of nearly 172% over the past 24 hours. That is a sign that the Litecoin network activity has multiplied in the last day.

Related Reading: Dogecoin Surges 4% Due To This Elon Musk Tweet

Only 24 hours after marking 11 years of zero network downtime, Litecoin ranked as the number one among top gainers. According to a Nasdaq article titled “Is It Time to Buy Litecoin Right Now?” public sentiment on Litecoin must have improved ahead of the halving events. More investors must have started trading on Litecoin, reflecting the current surge in trading volume.

The author listed the factors that might bolster Litecoin’s price rally in 2023, citing the Mastercard/Litecoin alliance and the halving event. Litecoin will undergo its third halving event by August 2023. 

The halving would see Litcoin’s block rewards reduced by half from 12.5 LTC to 6.25 LTC. That would reduce Litecoin’s circulating supply and might even boost its price. The Litecoin halving event remains one of the most anticipated events in crypto.

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Author: Jammy Hunts

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