Litecoin has seen one of the most impressive runs of any cryptocurrency over the past few weeks, and this run has only strengthened the altcoin’s position in the industry. After rising more than 30% in three weeks, the digital asset is now the 10th largest cryptocurrency in the industry.
LTC’s market capitalization exceeded $7.1 billion.
In just one month, the price of Litecoin’s native LTC token soared from a June low of $71, reaching as high as $115 before the rally ended. As a result, the market capitalization of digital assets has risen rapidly, beating out some of the heavy hitters in the sector.
The altcoin’s market capitalization currently exceeds $7.1 billion despite its price falling below the $100 level. Its current market capitalization makes it the 10th largest cryptocurrency on the market, surpassing Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH).
Litecoin’s position now makes it the seventh most valuable cryptocurrency on the market, when stablecoins were left out of the top ten. Additionally, this move solidified Litecoin’s position as a significant player despite the price correction.
LTC price hits local high of $115 before correction | Source: LTCUSD on TradingView.com
Can Litecoin go further from here?
The biggest bullish case for LTC price is the upcoming Litecoin halving event. Just 20 days from now, investors are already preparing for what is expected to be a very significant event. These expectations naturally extend to prices, which could be the reason why the prices of digital assets continue to rise.
Last month’s expectations alone pushed the price past its local high of $115. However, as the event gets closer and this bullish sentiment continues, LTC price could recover this price quickly and rise another 50%.
LTC halving event happening in 20 days | Source: Litecoin Halving
For example, cryptocurrency analyst Michael van de Poppe predicted that LTC could rise up to $200 due to the halving event alone. If this happens, investors could make profits of 100% or more just from the current rebound point.
However, one concern is that the Litecoin halving could end up being a ‘buy on rumor, sell on news’ event. Examples of this include Cardano’s Alonzo upgrade in 2021 and Ethereum’s Shapella upgrade in 2023.
In both of these cases, the token price bounced in the weeks leading up to the event, but eventually fell and recovered again after the event was completed. So, if Litecoin ends up in the same trend, it would be best to sell a few weeks before the event.
Currently, the price of LTC remains stable at $97 despite suffering a loss of 8.09% on the 7-day chart.