Litecoin price has been making continuous bullish movements throughout the month and has surged to a year-high of $109 a few hours ago. It happened when the trading volume of the token surged 175% in a day with $1,893,488,860 in value. The market cap is also high, with 10% pushing the value to $7,723,446,188.
In this blog, let’s discuss why the Litecoin price surged to $109 and how the charts will move next.
Top Reasons Why Litecoin Price Surge?
The bullish market situation is giving a push to the cryptocurrencies where many are hiking up. Litecoin has left everyone behind in terms of daily gains with its 11% hike in the last 24 hours. There are two reasons why behind this Litecoin price surge.
CFTC Announced Litecoin As Commodity
Because of the ongoing lawsuit over KuCoin, the United States Commodity Futures Trading Commission (CFTC) declared Litecoin as a commodity. Soon after the declaration, a price surge has been noticed in the Litecoin’s case. The statement reads
“KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC)”
This statement is quite helpful for Litecoin as the SEC has been giving a tough time to Ethereum and a few other cryptocurrencies over their undecided status between commodity and Security. With the CFTC announcement, Litecoin has made its pathway safe for future endorsements.
Litecoin Miners Accumulation
According to the IntoTheBlock data, a strong accumulation of the Litecoin miners has been noticed, where $150,000 LTC tokens were accumulated this month only. This accumulation was worth over $16 Million. Compared to the month starting holding to the month end, they have increased from 2 Million LTC to 2.2 Million LTC.
It caused a bullish situation because the accumulation led to a reduction in the incoming minted tokens. It was helpful for the bullish investors to mark their presence in the market.
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Additionally, it is anticipated that the upcoming Bitcoin halving will push the Miners toward a more profiting mining network like Litecoin. Bitcoin halving is the event that happens every four years to reduce the number of Bitcoins generated during mining. As a result, the rewards get decreased for miners. In that regard, an increased accumulation of miners for Litecoin can be expected in the next few days before halving competition.
Litecoin Price Might Hit $150 Soon
At the time of writing, the Litecoin Price is at $103.87 after seeing a slight downward push. But the analysts have predicted a better hike, leading to the price surge to $150 within the next few days.
Litecoin finally got hit by the bull runs, where the Relative Strength Index (RSI) indicated an overbuying of the token with 66% bullish dominance. Also, the price analysis depicts the end of a multi-year macro downtrend by establishing new support and initiating a new macro uptrend for the crypto.
Other than that, the Reky Capital reports are talking about the historical pattern of Litecoin back from 2020/2021. There are possible indications of an upcoming uptrend pushing the value to at least the $135 mark with a 29% hike, reaching the $150 mark in the next few days.
In contrast, if the trends changed, the Litecoin price may fall again to a low of $80 mark, noting a loss of 22%.
Conclusion
Even with the current hike, the Litecoin price is 75% away from its all-time high value. It has never reached anywhere near that in the last three years. Regardless of that, a sale of $150 is an exciting moment for the Litecoin community.
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The post Litecoin Price: Litecoin Surged A Year High With $109; What’s Happening? appeared first on CoinGape.
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