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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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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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