Cryptocurrencies

Above $100: Litecoin Hits Highest Price Since Summer 2019

Litecoin (LTC) price over the last 24 hours

Litecoin’s price reached three figures for the first time in 16 months earlier on Thursday.

  • The seventh-largest cryptocurrency by market value soared to $103.19, its highest since Aug. 5, 2019, according to CoinDesk 20 data.
  • Back then, litecoin had undergone its second mining reward halving, a programmed in supply cut repeated every four years to keep inflation under control.
  • The cryptocurrency has rallied by more than 20% in the past 24 hours and is up nearly 150% year to date.
  • Bitcoin’s sharp rally from $19,500 to a record price of $23,770 seen in the past 24 hours looks to have put a bid under litecoin and other top cryptocurrencies such as ether, XRP, chainlink and stellar.
  • Litecoin is still down at least 75% from its record high of $375 registered on Dec. 19, 2017, according to data source Messari.
  • If bitcoin‘s rally stalls, we may see a rotation of money into the relatively undervalued alternative cryptocurrencies.
  • Litecoin’s multi-week narrowing price range has ended with a bullish breakout.
  • Immediate resistance is seen at $107 (Aug. 5 high).

Also read: The Big Banks Positioned to Ride Bitcoin’s Bull Run 

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    CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

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