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Above $100: Litecoin Hits Highest Price Since Summer 2019
Litecoin hasn't been in three figures since its second mining reward halving in 2019.
Litecoin's price reached three figures for the first time in 16 months earlier on Thursday.
STORY CONTINUES BELOW
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- The seventh-largest cryptocurrency by market value soared to $103.19, its highest since Aug. 5, 2019, according to CoinDesk 20 data.
- Back then, litecoin had undergone its second mining reward halving, a programmed in supply cut repeated every four years to keep inflation under control.
- The cryptocurrency has rallied by more than 20% in the past 24 hours and is up nearly 150% year to date.
- Bitcoin's sharp rally from $19,500 to a record price of $23,770 seen in the past 24 hours looks to have put a bid under litecoin and other top cryptocurrencies such as ether, XRP, chainlink and stellar.
- Litecoin is still down at least 75% from its record high of $375 registered on Dec. 19, 2017, according to data source Messari.
- If bitcoin's rally stalls, we may see a rotation of money into the relatively undervalued alternative cryptocurrencies.
- Litecoin's multi-week narrowing price range has ended with a bullish breakout.
- Immediate resistance is seen at $107 (Aug. 5 high).
Also read: The Big Banks Positioned to Ride Bitcoin’s Bull Run
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
