Affected by the thunderbolt of the exchange FTX, when the cryptocurrency market continued to slump, the long-lost Litecoin (LTC) rose against the trend, with a single-day increase of 37.24%, and the overall market value returned to 5.7 billion US dollars, becoming the No. The 12 largest cryptocurrencies, and some netizens speculated that it may be an early response to the halving mechanism in August next year.
(Recap:Litecoin rose 18% and returned to the top 20 in market value! MoneyGram MoneyGram opens APP to store value and pay LTC BTC ETH) (Background Supplement:BTC fell below 15,500, setting a new low in nearly 2 years; Kaiko: After the collapse of Alameda, “the liquidity of the currency market has dried up”」)
Affected by the thunderbolt of the exchange FTX, the cryptocurrency market continued to slump and fell for several days. Bitcoin (BTC) fell to $15,476 in the early hours of yesterday morning, a new low since November 2020; Ethereum (ETH) fell to $1075. It has fallen by 13% in the past seven days. However, Litecoin (LTC), which has been silent for a long time, rose against the trend at this time, and its overall market value exceeded $5 billion.
Market cap returns to $5 billion
According to the data, LTC started to rise at 7:00 p.m. Taiwan time yesterday (22nd), from a minimum of $60 to $83.63. During this period, there was almost no correction, and the increase was as high as 37.24%, and the increase in the past month was 49.2%. It is currently trading at $80.44. This also brought the overall market value of Litecoin back to $5.7 billion, surpassing (Tron),Avalanche (Avalanche), Solana,and other popular public chains have become the 12th largest cryptocurrency by market value.
Exchange rate against bitcoin hits new high this year
On the other hand, due to the continued weakening of Bitcoin, the exchange rate of LTC to BTC reached a new high this year. After the collapse of Three Arrows Capital in June this year, the market fell into panic, and the exchange rate fell to the lowest point of 0.0017 LTC/BTC. It rose to 0.0048 LTC/BTC; in other words, at that time, one BTC could be exchanged for about 580 LTCs. Currently, one BTC can only be exchanged for 206 LTCs, an increase of 192% within half a year.
Hype in advance of the halving theme?
According to speculation from netizens, this LTC surge may be an early response to the halving of Litecoin in early August next year, when the block reward will drop from 12.5 to 6.25. A senior player in the community, Bit Demon King, made an analysis of this, And predict the next price trend of LTC.
Fundamentals: LTC will be halved on August 4, 2023, and there are still more than 9 months before the production cut. There are often two hypes about the production cut, and this is the first hype.
Technical aspect: From a technical point of view, LTC broke through the weekly consolidation pattern and formed a double-bottom breakthrough pattern, with a theoretical target of 86-100 US dollars. Taking into account the background of the Fed’s interest rate hike, this hype is just a test by the market maker. According to the trend predicted by the chart, after LTC backs down, it is expected to break through $150 when it hypes the halving theme for the second time.
The reason for the strength of LTC is the hype of the halving market: 1. Fundamentals: LTC will cut production on August 4, 2023, and there are still more than 9 months before the production cut. There are often two hypes about the production cut, and this is the first hype ;2. Technical aspect: From a technical point of view, LTC broke through the weekly consolidation pattern and formed a double-bottom breakthrough pattern, with a theoretical target of 86-100 US dollars; 3. Considering the background of the Fed’s interest rate hike, this speculation is just a trial of Guozhuang , Guess the trend is as shown pic.twitter.com/4cZj2z2Es9
— Big Devil (@Bigdevilbtc) November 23, 2022
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