Litecoin (LTC), one of the most popular and oldest cryptocurrencies in the market is now again among the top 7 largest virtual currencies in the world. A few days ago, EOS was able to surpass this virtual currency for a short period of time. Nonetheless, due to a massive price increase in the last hours, Litecoin recovered its position.
Litecoin Surges While Cryptocurrencies Remain Unchanged
Litecoin has surged by 7.46% in the last 24 hours allowing it to get closer to $70 per coin. According to data provided by CoinMarketCap, Litecoin is now being traded around $67.3 and it has a market capitalization of $4.3 billion. That means that Litecoin is getting very close to the largest stablecoin Tether (USDT), which has a market valuation of $4.65 billion.
It is worth mentioning that one of the reasons that could have pushed Litecoin to these new highs is related to Binance adding it to its Binance Futures services for traders. Indeed, Litecoin has grown massively since that moment and it could eventually continue growing even further.
At the same time, some enthusiasts and traders consider that Litecoin is experiencing large gains due to the fact that its price in comparison to the USD (LTC/USD) is now making a four-hour golden cross.
In the last 24 hours, only three cryptocurrencies among the top 10 registered gains besides Litecoin: Ethereum (ETH), growing 2.18%, XRP, expanding 0.75% and Binance Coin (BNB), which registered a positive change of 0.45%.
In the future, Litecoin could keep moving higher and surprising many crypto investors. Indeed, it could certainly surpass USDT and eventually reach the fifth position surpassing Bitcoin SV (BSV). It is worth mentioning that BSV massively grew in the last month. Bitcoin Cash (BCH), which is currently in the fourth position has a market valuation of $6.87 billion.
Litecoin has been in a bear trend since June 2019 when it reached a high of $140. After it, on August 5, 2019, it experienced a halving event that reduced the new issuance of LTC from 25 LTC per block to 12.5 LTC per block. This didn’t have a bullish effect after the halving but it could certainly have an effect in the future if demand for this virtual currency suddenly increases. Regarding its hash rate, it has remained stable in the last 45 days.