Litecoin has seen one of the most impressive runs of any cryptocurrency in recent weeks, and this run has boosted the altcoin’s standing in the industry. After rising more than 30% over a three-week period, the digital asset is now the 10th largest cryptocurrency in the space.
LTC’s market capitalization exceeds $7.1 billion
In the space of a month, the price of Litecoin’s native LTC token skyrocketed from its June low of $71 and rose to $115 before the rally burned out. Following this, the digital asset’s market cap rose rapidly, beating some heavy hitters in the space.
Currently, the altcoin’s market cap is above $7.1 billion, despite the price falling below the $100 level. By its market cap, it is now the 10th largest cryptocurrency in the market, ahead of Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH).
Litecoin’s position now makes it the seventh most valuable cryptocurrency in the market when stablecoins are removed from the top 10. This move has also cemented Litecoin’s position as a major player despite the price correction.
LTC price hits local high of $115 before correction | Source: LTCUSD on TradingView.com
Can Litecoin move on from here?
The biggest bull case for the price of LTC is the Litecoin halving event coming up. In just 20 days, investors are already gearing up for what is expected to be a very significant event. Of course, these expectations also extend to the price and this could be the reason why the price of the digital asset continues to rise.
Last month’s forecast alone has seen the price surpass $115 at its local high. But as the event gets closer and this bullish sentiment continues, the LTC price could soon regain this price and rise another 50%.
LTC halving event happening in 20 days | Source: Litecoin Halving
In one case, crypto analyst Michael van de Poppe did predicted that LTC could collect up to $200 in the halving event alone. If this happens, investors could be looking at gains in excess of 100% just from the current bounce-off point.
One concern, however, is that the Litecoin halving could eventually become a “buy the rumor, sell the news” event. Examples include the Cardano Alonzo upgrade in 2021 and Ethereum’s Shapella upgrade in 2023.
In both cases, token prices rose in the weeks leading up to the event, but eventually flattened and recovered once the event was completed. So if Litecoin falls into the same trend, then it is best to sell in the weeks leading up to the event.
For now, the price of LTC remains stable at $97 despite losing 8.09% on the 7-day chart.
