Litecoin (LTC) Price Goes Up By 13% Reaching $8.18BLN In Market Cap

Litecoin (LTC) price reached $134 by Sunday at 09:30 recording an increase of a 13 percent in less than 24 hours pushing the entire market cap of the altcoin to $8.18 billion. In the coming altcoin news, we take a closer look at the analysis.

The Litecoin (LTC) price boosted the market cap by a total of 2.36 percent and reached its top for this year. Litecoin is now trading in a range between $110 and $146 on major exchanges including Coinbase and earlier this week, the cryptocurrency established a low cycle at $109 upon starting a 5-day streak.

The latest update was accompanied by a decent volume of $0.058 billion across all the crypto exchanges and at the same time, the real volume showed a $359.989 million worth of Litecoi-enabled trades. The LTC price surge came just in time as the Bitcoin trend was trying to make a break. The number one cryptocurrency was also the one to experience a deep plunge later but the Bitcoin to dollar ratio was trading at $10,300. The upside correction took the pair as high as the $12,444 on Friday, but the Bitcoin failed to hold the gains during the weekend. The cryptocurrency was trading 4.17 percent down from the Saturday goal $12,379.99 which had a huge impact on the Litecoin price. The rage against bitcoin was 12.16 percent higher.

The famous DonAlt famous cryptocurrency analyst, stated back on Saturday that Litecoin has one of the best-looking charts on the market and with the halving event Litecoin could become more scarce by cutting the supply rate in half. He pointed out:

‘’I’m still waiting for the weekly close but if it does close anywhere above the green box/line I’ll long targeting new highs.”

The latest cryptocurrency news reported that the LTC supply reduction could affect the reward that is mainly used by the miners. This could also cause a drop in the Litecoin’s blockchain hashrate since the miners start allocating the computational power to more profitable cryptocurrencies. However, Charlie Lee begs to differ. He believes that the LTC miners would still be profitable despite the rewards reduction:

 “If some miners stop mining, block times go up for a while (maybe a week) before difficulty readjusts and makes mining profitable again and miners will come back. Litecoin won’t die.”