+12% in 24h – better than Bitcoin & Ethereum! LTC pumps – but what’s behind it?

+12% in 24h - better than Bitcoin & Ethereum!  LTC pumps - but what's behind it?

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Litecoin (LTC) stands for today’s decline with a price of more than 12% in 24 hours. With this performance, LTC is one of the biggest coins among the top gainers in the last 24 hours. The price action comes amid a market-wide downturn following the Fed’s recent rate hike.

Not only is Litecoin (LTC) seeing a rally today, the asset has maintained much of its gains over the past week, up 14% on the weekly chart.

Litecoin: How high are the bulls pushing LTC?

Litecoin not only sees a price increase, but also an almost 172% increase in trading volume in the last 24 hours. This is a sign that activity on the Litecoin network has increased over the past few days.

According to a Nasdaq article titled “Is Now the Time to Buy Litecoin?”, public sentiment towards Litecoin must have improved before the halving events. More investors must have taken to trading Litecoin, reflecting the current boom in volume.

The author lists the factors that may favor the Litecoin price increase in 2023. He mentions the Mastercard/Litecoin alliance and the halving event. Background: Litecoin will have its third halving in August 2023.

The halving will cut the Litecoin reward in half – from 12.5 LTC to 6.25 LTC. This reduces the circulating supply of Litecoin and may even push the price up. Because: The Litecoin halving is still one of the most anticipated events in the crypto world.

Litecoin is becoming more and more popular

A growth catalyst for Litecoin in 2023 is its partnership with Mastercard Incorporated. Mastercard will send Litecoin cards to customers in the European Union and the United Kingdom as part of this partnership. That could increase Litecoin’s value as it facilitates mainstream adoption of cryptocurrencies for payments in Europe.

In anticipation of these events, users have probably already started buying Litecoin, anticipating a possible price increase. According to a March 20 Twitter post on Litecoin’s official site, Litecoin transactions at payment processors continue to increase. Litecoin is now the second largest issued cryptocurrency in the world after Bitcoin.

Users can now pay with Litecoin through various payment providers such as Bitpay, PayPal, Coingate, Shopify, Nowpayments, Crytocom Pay, Binance Pay, etc. This mainstream adoption could partially fuel Litecoin’s price action amid the ongoing downturn.

Is Litecoin Ready For A Bull Run?

Litecoin price history shows that the price and trading volume have been steadily increasing since last year. With a close of $70.89 on December 31, 2022, the current price of Litecoin shows a significant improvement since the beginning of January.

In the 12 years of its life, Litecoin has been able to generate amazing returns – with an increase of more than 2,000% since its inception. Its price has recovered more than 8,000% from its all-time low of $1.1137 (January 2015).

Starting at $70 on January 1, Litecoin’s price rose to over $100 in February. Although it has seen difficulties, there is a high chance that it could drop more than $100 in the coming days when the sentiment turns positive again.

Should you buy Litecoin now?

Even Litecoin can be bought with Paypal today, so investment is no longer a problem. The long-term forecast of Litecoin is also optimistic. According to analysts, Love Hate Inu (LHINU) may also have strong risk-return potential: The new meme base is the core of a new platform where users can vote on all kinds of content and are rewarded with cryptocurrency. In the current presale, 1 LHINU costs 0.00009 USDT, in 1 day and 5 hours the price will increase to 0.000095 USDT.

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Text credit: Newsbtc

Last updated on March 24, 2023

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