Litecoin (LTC) is on the brink of a potential bullish reversal as a number of signs show it is gaining traction and its community becoming more invested in the crypto asset. Litecoin is currently at $88.53, having recorded 1.88% growth in the last 24 hours compared to the overall market which has seen the combined market capitalisation drop by 0.71%.

The digital currency is due for a halvening in August, whereby the total supply of LTC tokens will be reduced; this will have a positive impact on the price of the coin due to market principles of demand and supply. This halving is generating great anticipation within the Litecoin community and can play a large part in the bullish reversal of the coin.

In addition to this, the community is largely buoyant due to its past performance and the potential of the coin. As Litecoin is closely related to Bitcoin, the US regulators recently indicating that Bitcoin is a non-security has resulted in the Litecoin community being more at ease.

The decoupling of Litecoin from the Bitcoin price is encouraging and if the trend continues it could result in other altcoins also experiencing a rise in value. The bullish outlook for Litecoin is increasingly visible and could have positive effects on the wider crypto market.



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