Litecoin (LTC) has seen a surge in value, rising by over 9% in the last 24 hours and over 11% in the last week. The cryptocurrency is now on track to reclaim its previous highs prior to the terra collapse.
This surge in value comes as bitcoin and other crypto tokens saw some profit booking on March 23 due to increased interest rates by the U.S. Federal Reserve, dragging riskier assets lower.
Litecoin is now focused on surpassing its pre-terra highs above the $100 threshold. Analyst Rekt Capital has predicted new highs for litecoin, considering the upcoming litecoin halving this year. After the first halving, litecoin rallied by 14,200%, and it increased by 1,574% after the second halving.
Rekt Capital believes that a similar surge should be expected after the third halving, which is scheduled for July this year. The analyst predicted that a breakout should be anticipated sometime in July 2024.
Litecoin has grown in popularity as an online payment option, attributed to its high network speed and low fees. According to research by crypto payment processor Coingate published on March 1, litecoin was the fourth most used crypto as a payment option in online shopping in 2022.
Litecoin offers a faster, cheaper, and more innovative alternative to bitcoin, making it a popular cryptocurrency with a dedicated following. Its mining algorithm, Scrypt, is designed to resist specialized mining hardware, keeping the network more decentralized.
Litecoin’s recent surge in value comes as Bitcoin and other crypto tokens saw some profit booking on March 23, with the U.S. Federal Reserve increasing interest rates by another 25 basis points. Bitcoin dropped sharply after the interest rate hikes as the largest crypto token slipped below the $28,000 mark.
However, litecoin has bucked this trend and is currently trading at $88.38, up 11.57% in the past week. The peer-to-peer cryptocurrency is ranked as the 13th cryptocurrency by market cap, with a market cap of $6.4 billion.