Litecoin Becomes 10th Largest Cryptocurrency, But Does It Still Have Room to Run?

Litecoin has seen one of the most impressive performances of any cryptocurrency over the past few weeks, and this performance has boosted the altcoin’s position in the industry. The digital asset is now the 10th largest cryptocurrency in the region after surging by more than 30% over a three-week period.

LTC’s market cap crosses $ 7.1 billion

In the span of a month, the price of Litecoin’s native LTC token surged from a June low of $71 to reach as high as $115 before the rally ended. After that, the market capitalization of the digital asset grew rapidly and overtook some of the giants in the space.

Currently, the market capitalization of the altcoin is above $7.1 billion, despite the price falling below the $100 level. Its market cap now makes it the 10th largest cryptocurrency in the market, ahead of Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH).

With stablecoins being dropped from the top 10, Litecoin’s position now makes it the seventh most valuable cryptocurrency in the market. The move also solidifies Litecoin’s position as a significant player, despite its price correction.

LTC price hits local high of $115 before correction | Source: LTCUSD on TradingView.com

Can Litecoin Grow From Here?

The biggest bullish case for the price of LTC is the upcoming Litecoin halving event. With only 20 days away from now, investors are already anticipating a very momentous event. These expectations naturally extend to the price as well and may be the reason why the price of the digital asset continues to rise.

The price has crossed its local high of $115 since the anticipation only last month. But as the event approaches and this bullish sentiment continues, the price of LTC could quickly reclaim this value and increase by as much as 50%.

LTC halving event happening in 20 days | Source: Litecoin Halving

In one example, crypto analyst Michael van de Poppe has stated Predicted The halving event alone could propel LTC to $200. If this happens, investors could see gains of over 100% from the current bounce point.

However, there is a concern that the Litecoin halving could end a ‘buy the rumor, sell the news’ phenomenon. Examples of this are the Cardano Alonzo upgrade in 2021 and Ethereum’s Shepela upgrade in 2023.

In both of these cases, the price of the coin rose in the weeks leading up to the event, but eventually fell and recovered after the event was over. So if Litecoin ends up in the same trend, it would be best to sell it in the weeks leading up to the event.

At the moment, the LTC price is still holding steady at $97, despite a loss of 8.09% on the 7-day chart.