Litecoin has seen one of the most impressive streaks of any cryptocurrency in recent weeks and this streak has boosted the altcoin’s position in the industry. After rising more than 30% in a three-week period, the digital asset is now the 10th largest cryptocurrency in the space.
LTC Market Capitalization Surpasses $7.1 Billion
In the space of a month, the price of Litecoin’s native LTC token shot up from its June lows of $71 and climbed as high as $115 before the rally petered out. Following this, the digital asset’s market capitalization rose rapidly, outperforming some of the big boys in the space.
Currently, the altcoin’s market capitalization is above $7.1 billion, even though the price has dipped back below the $100 level. Its market capitalization now makes it the 10th largest cryptocurrency on the market, surpassing Polygon (MATIC), Tron (TRX) and Bitcoin Cash (BCH).
Litecoin’s position now makes it the 7th most valuable cryptocurrency on the market when stablecoins are dropped from the top 10. This move has also cemented Litecoin’s position as a major player, despite its price correction.
LTC price reaches a local high of $115 before the correction | Source: LTCUSD on TradingView.com
Could Litecoin run further from here?
The biggest bull case for LTC price is the upcoming Litecoin halving event. With only 20 days from now, investors are already preparing for what is expected to be a very important event. These expectations naturally extend to price as well and this could be why the price of the digital asset continues to rise.
Only the anticipation of the last month has seen the price cross $115 at its local high. But as the event approaches and this bullish sentiment continues, the LTC price could quickly recapture this price and run another 50%.
LTC Halving Event in 20 Days | Source: Litecoin Halving
In one case, cryptanalyst Michael van de Poppe predicted that LTC could go as high as $200 in the halving event alone. If this happens, investors could be looking for gains of more than 100% just from the current bounce point.
However, one concern is that the Litecoin halving could end up being a “buy the rumor, sell the news” event. Examples of this have been Cardano Alonzo’s 2021 upgrade and Ethereum’s Shapella upgrade in 2023.
In both cases, token prices rose in the weeks leading up to the event, but eventually fell and fell back once the event was complete. So if Litecoin ends up in the same trend, it would be better to sell in the weeks leading up to the event.
For now, the LTC price is holding steady at $97, despite posting losses of 8.09% on the 7-day chart.
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This post Litecoin becomes the 10th largest cryptocurrency, but is there still room to run?
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