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Above $100: Litecoin Hits Highest Price Since Summer 2019
Litecoin hasn't been in three figures since its second mining reward halving in 2019.
Updated Sep 14, 2021, 10:44 a.m. Published Dec 17, 2020, 10:55 a.m.
Litecoin's price reached three figures for the first time in 16 months earlier on Thursday.
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- The seventh-largest cryptocurrency by market value soared to $103.19, its highest since Aug. 5, 2019, according to CoinDesk 20 data.
- Back then, litecoin had undergone its second mining reward halving, a programmed in supply cut repeated every four years to keep inflation under control.
- The cryptocurrency has rallied by more than 20% in the past 24 hours and is up nearly 150% year to date.
- Bitcoin's sharp rally from $19,500 to a record price of $23,770 seen in the past 24 hours looks to have put a bid under litecoin and other top cryptocurrencies such as ether, XRP, chainlink and stellar.
- Litecoin is still down at least 75% from its record high of $375 registered on Dec. 19, 2017, according to data source Messari.
- If bitcoin's rally stalls, we may see a rotation of money into the relatively undervalued alternative cryptocurrencies.
- Litecoin's multi-week narrowing price range has ended with a bullish breakout.
- Immediate resistance is seen at $107 (Aug. 5 high).
Also read: The Big Banks Positioned to Ride Bitcoin’s Bull Run
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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