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Litecoin (LTC) has surfaced as one of the best-performing altcoins in the market today. Besides its more than 5% jump over the past 24 hours to $71.21, the cryptocurrency has managed to pare off some of the losses it has accrued over the past month where it is now up by 1.78%.
Litecoin has lost its dominant grip in the market by a large margin. Besides being booted out of the top 10 of the most capitalized cryptocurrencies with the advent of new entrants, Litecoin’s past halving in August last year failed to impress investors who had anticipated a corresponding bullish price growth.
Ultimately, Litecoin bowed to bears as its price has stayed below the $90 price mark since August last year to date. While the current Litecoin outlook is not as bullish as this local high, the coin has grown from the lowest price point since that time pegged at $58.8 to where it now trades.
For Litecoin, the flippening of the $70 resistance zone and the conversion of this level into its support underscores its sustained doggedness to chart a new bullish course for itself. Notably, Litecoin is holding this level, and a potential upsurge toward the next mega resistance at $80 cannot be ruled out.
Litecoin catalysts to watch out for
Despite the low dominance in the market in the face of relatively newer protocols like Solana (SOL) and Avalanche (AVAX), Litecoin has maintained its luster as a viable alternative to Bitcoin (BTC) for value transfer.
With new milestones being recorded in its role as a faster and cheaper payment mode, the Inscription trend is engulfing the protocol as well, further contributing to a jump in its active addresses.
Litecoin’s future growth will be catalyzed by these unique features alongside the impact of the newly approved and launched spot Bitcoin ETF products.
