Popular altcoin Litecoin (LTC) has been one of the best performing altcoins in the market today. The altcoin rose more than 5% in the last 24 hours to $71.21. In this context, it managed to compensate for some of the losses that continued over the past month.
Litecoin has lost its dominance in the market by a large margin. Litecoin’s devaluation by half in August last year, as well as its removal from the top 10 of the largest-capitalized cryptocurrencies with the emergence of new participants, failed to impress investors who expected a corresponding bullish price increase.
Ultimately altcoin, has been dominated by bears as its price has remained below the $90 price mark since August last year until now. While the current Litecoin outlook is not as bullish as this local high, the coin has since grown from its lowest price point at $58.8 to where it currently trades.
The reversal of the $70 resistance zone for LTC and its transformation into support underscores its stubbornness in charting a new uptrend for itself. Notably, Litecoin is holding this level and a potential rise towards the next mega resistance at $80 cannot be ruled out.
Litecoin Catalysts to Watch Out for
solana Despite its low dominance in the market against relatively newer protocols such as (SOL) and Avalanche (AVAX), LTC has maintained its luster as a viable alternative to Bitcoin (BTC) for transferring value.
While new milestones are being recorded in its role as a faster and cheaper payment mode, the Inscription trend is also enveloping the protocol and contributing to another jump in its active addresses. Litecoin’s future growth will be catalyzed by these unique features, as well as the impact of newly approved and launched spot Bitcoin ETF products.