Litecoin (LTC), the 21st largest cryptocurrency in the market, has taken the lead as it advanced by over 10.4% in the last 24 hours, according to market data shared by CoinGecko. There is no other cryptocurrency among the top 100 with this large price increase. In the last 7 days, Litecoin accumulates a growth of 8.1% as it is now being traded above $60 per coin.
Litecoin Takes the Lead and Registers 10% Gains
The Litecoin community is now very excited about LTC and its most recent move in the market. LTC, one of the oldest virtual currencies in the world, was able to surpass $62 a few hours ago and it is now sustaining its price level above the psychological mark of $60 per coin.
— Litecoin (@litecoin) November 2, 2022
Another important thing to take into consideration about Litecoin is that it is now the 8th most traded virtual currency in the market. If we exclude stablecoins, only 4 coins have a larger trading volume than Litecoin. We are talking about Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Bitcoin Cash (BCH). Litecoin has now a trading volume of over $1.87 billion.
It is also very impressive to see Litecoin move in this way as most digital currencies are experiencing losses. Therefore, this move higher should be appreciated by the Litecoin community and the whole crypto market. But which are the reasons behind the most recent surge of this digital currency?
One of the main reasons is related to MoneyGram, one of the largest international money transfer companies in the world, announcing a new service that would allow investors to buy, sell and even store digital currencies in just a few seconds. Among these virtual currencies, users can now find Litecoin. The new service was made possible thanks to Coinme, a company offering trading solutions for digital companies.
The information was made available to the crypto community by Charlie Lee, the founder of Litecoin. About it he wrote:
“As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I’m extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks, @Coinme for making this happen. P.S. Yes, Litecoin is still alive to answer the haters.”
As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I'm extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks @Coinme for making this happen.
P.S. Yes, Litecoin is still alive to answer the haters 👇 pic.twitter.com/PI31vbhAqW
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) November 2, 2022
Another thing that is worth taking into consideration is that next year Litecoin is going to be experiencing a new halving event. This halving event will see Litecoin’s new issuance of LTC drop from 12.5 LTC to 6.25 LTC, three years after Bitcoin’s halving event. When that happens, the market tends to buy the rumour and sell the news.
During the last halving event, the price of Litecoin went from $23 per coin and reach $141 just a few days before the halving took place. Therefore, there is still a possibility for Litecoin to be entering a new bull run that could end with the “sell the news” event as soon as the halving takes place in 2023.
The halving event is expected to take place for Litecoin on August 15, 2023. However, this date could slightly change.