Cryptocurrency analysts are projecting an altcoin rally powered by the upcoming Litecoin halving slated for August 2019. Ahead of the halving, Litecoin has embarked on a bullish run. The entire market is closely tracking Litecoin to see its impact, especially on altcoins.
Beforehand, Litecoin halving resulted in the rallying of the cryptocurrency market. LTC was actually the catalyst that helped put Bitcoin’s bear market to a bottom point, leading to a short term altcoin season.
By the time of writing this article, Litecoin was trading at $116 with a market capitalization of $7.2 billion, and altcoins are starting to rev up. At the moment, the entire market is on a positive momentum with Bitcoin taking the lead, currently trading at $8,662.16.
The value of the digital asset has increased with investors anticipating an offsetting of supply and demand that will drive the price to a New All-time high. When the entire crypto market seemed shaky, Litecoin was the only asset that mostly remained green.
The asset has also played a big role in the crypto market recovery. The fact that Litecoin assisted Bitcoin to surpasses the $8k mark cannot be ignored. At this point, Bitcoin is setting eyes on the $9000 mark. Compared to Bitcoin, Litecoin has gained 10% against the LTC/BTC pair. Going into the future, Litecoin is expected to gain further based on technical analysis.
Surpassing the $100 mark means that Litecoin is targetting the $150 resistance level. At the same time, the $100 price level needs to be observed keenly. In case the value drops under $100 this can be a major concern for the Litecoin community. However, a drop below $100 is unlikely for now.