In the past day, however, tides seem to have rapidly shifted for Litecoin, as the asset is now trading above $101 after registering a sharp growth of 18% during the last 24 hours. The below chart shows how the cryptocurrency has performed recently.<\/p>\n
<\/p>\n
Looks like the coin has observed a sharp uptrend today | Source: LTCUSD on TradingView<\/a><\/pre>\nAs you can see in the graph, Litecoin was around the $81 level only a couple of days back. This latest turnaround for the asset has meant that it has now surpassed the high registered around the start of the month.<\/p>\n
In terms of daily returns, LTC has outperformed almost all the top 20 cryptocurrencies by market cap; Bitcoin Cash (BCH)<\/a> is the only exception with its whopping 26% gains in the same period.<\/p>\n
Related Reading: Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin<\/a><\/div>\nAs analyst Tony “The Bull”<\/a>\u00a0pointed out on Twitter, Litecoin formed a golden cross just before this surge, as its 50-day moving average (MA) has crossed over its 200-day MA.<\/p>\n
\n2020 it is#Litecoin<\/a> has golden crossed, days after a death cross<\/p>\n
Does the rest of history repeat? https:\/\/t.co\/sGlMhgKE0R<\/a> pic.twitter.com\/CRSaqHSbGt<\/a><\/p>\n
\u2014 Tony “The Bull” (@tonythebullBTC) June 30, 2023<\/a><\/p><\/blockquote>\n
Interestingly, only a few days ago, the same MAs had also formed a cross of the opposite type: the death cross. The bullish cross canceling this bearish one out merely days later is a pattern similar to the one seen back in 2020, which preceded the bull run.<\/p>\n
LTC Only Has 34 Days To Go For The Next Halving<\/h2>\n
Litecoin also has a strong bullish narrative coming up in the form of its halving. The “halving<\/a>” is an event where the block rewards of the cryptocurrency are permanently cut in half.<\/p>\n
As the block rewards are the only way to introduce new LTC into the circulating supply, the halving tightens up its production rate. This increased scarcity is why the event has historically been hyped up as a bullish one.<\/p>\n