• Litecoin price, observing a 17% increase, is eyeing a rally beyond $100 with support from LTC holders.
  • Owing to the recent LTC-20 hype and anticipation for the upcoming halving, Litecoin has added over 1 million new addresses this month.
  • LTC, in comparison to other “Bitcoin alternatives” such as BCH, BSV, XMR, etc., has exceeded expectations.

Litecoin price ahead of the next halving event has benefitted significantly owing to the immense interest from crypto investors. Nearly 19 days into the month and the interest remains at a high resulting in the altcoin beating out multiple other cryptocurrencies that established themselves as a substitute for Bitcoin.

Litecoin price emerges victorious

Litecoin price in the last four days has noted a 17.29% increase in price, placing it above many of the altcoins in terms of growth this week. However, for a much longer time, the cryptocurrency has towered over many of the “Bitcoin alternatives”.

Justifying its label of “Silver to Bitcoin’s Gold”, LTC has outperformed some of the biggest BTC substitutes in the last 12 months.

LTC/USD 1-day chart

LTC/USD 1-day chart

Since May 2022, Litecoin price rise has enabled it to beat some other well-known cryptocurrencies such as Bitcoin Cash, Bitcoin SV, Monero, etc. These tokens have claims of their own to be better than Bitcoin or be true to Bitcoin creator Satoshi Nakamoto’s vision. However, only Litecoin, built from Bitcoin’s code, has performed exceptionally, and it continues to.

Presently, the cryptocurrency is gaining traction among crypto investors owing to the recent LTC-20 hype. The momentum will likely continue since the network is due for a halving this August. The anticipation surrounding the same has resulted in the on-chain addresses rising by more than 1 million, bringing the total to 8.26 million.

Litecoin total addresses

Litecoin total addresses

But these investors are not only joining the network but also scooping up as much LTC as they can to make profits ahead of the halving. Investors with a balance of 10,000 LTC to 100,000 LTC in their wallet have accrued over a million LTC tokens worth more than $91 million since the beginning of the month. This is an indication of potential upside to price as it would take some time for investors to start selling and taking profits.

Litecoin correlation to Bitcoin

Litecoin supply distribution

Furthermore, Litecoin price is expected to benefit from its decreasing correlation with Bitcoin. Down from 0.83 a week ago, the correlation is now at 0.73. This will play in favor of Litecoin price as Bitcoin price is currently trading below the $27,000 mark.

Litecoin correlation to Bitcoin

Litecoin correlation to Bitcoin

Going forward, Litecoin price is expected to keep rising as it eyes to breach the $100 mark, potentially marking new 2023 highs above $102.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings

BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings

Binance Coin (BNB) price surged past $650 on Wednesday, marking a 15% increase over seven consecutive days of profit. Market reports suggest that recent trades executed by Binance’s parent company could drive further BNB price gains.

More Binance News
Dogecoin stabilizes at $0.25 as PEPE, TRUMP near double-digit losses

Dogecoin stabilizes at $0.25 as PEPE, TRUMP near double-digit losses

Dogecoin (DOGE) price holds firmly above the $0.25 level on Wednesday, while on-chain data links DOGE’s resilient performance to institutional interest and long-term investors’ reluctance to sell the token amid Exchange Traded Funds (ETFs) speculations.

More Dogecoin News
Trump’s tariffs shake crypto market, Bitcoin’s future uncertain

Trump’s tariffs shake crypto market, Bitcoin’s future uncertain

Donald Trump’s new tariffs have caused turbulence in the crypto market, leading to a sharp drop in total value and billions in liquidations. While uncertainty remains, some analysts believe these trade policies could create long-term opportunities for Bitcoin.

More Cryptocurrencies News
Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears

Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears

Solana is down 1% on Tuesday following negative sentiment surrounding its upcoming $3 billion token unlock. Meanwhile, Franklin Templeton is likely entering the race for a Solana exchange-traded fund following its filing for a Solana Trust in Delaware.

More Solana News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP