Litecoin is a cryptocurrency born in 2011 out of a tweaked version of the Bitcoin source code and was created to power payments on its blockchain. The LTC token is currently trading around $79 and is down a little over 10% this month and down approximately 25% versus earlier annual highs in the $105 area, however it is up 20% from its mid-March lows in the $65 per token area. The cryptocurrency is presently trading above an uptrend that has been in play since November last year, though it has recently crossed below its 200-Day Moving Average, a somewhat bearish sign. Indeed, LTC has already surpassed the $100 level a few times in 2023.

Bullish macro conditions for crypto, despite a recent setback, could see LTC move back to and surpass its 2023 highs before the year ends. Factors including a US recession possibly occurring in the second half of the year, further debt issues and a dovish Fed should all help to increase the demand for hard money alternatives like gold and Bitcoin, and while Litecoin may not capture imaginations as much as its top crypto counterpart, it still has a strong use case.

The cryptocurrency has extremely low transaction fees,($0.001 on the median) despite surpassing Bitcoin in total transactions, and has recently partnered with Mastercard plus there is the upcoming halving event of 2023 to look forward to. Whilst Litecoin halvings have not been as bullish as those of Bitcoin's in the past, they still have the effect of slowing issuance from 12.5 LTC per block to 6.25. The halving could be a perfect time for LTC to reach, and possibly even surpass, the psychologically important $100 mark once again.



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