{"id":145244,"date":"2023-07-03T07:51:40","date_gmt":"2023-07-03T07:51:40","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=145244"},"modified":"2023-07-03T12:51:18","modified_gmt":"2023-07-03T12:51:18","slug":"litecoin-holds-more-than-28-weekly-gain-why-is-ltc-rising","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/litecoin-holds-more-than-28-weekly-gain-why-is-ltc-rising\/","title":{"rendered":"Litecoin Holds More Than 28% Weekly Gain; Why is LTC Rising?"},"content":{"rendered":"

Litecoin (LTC)<\/a>, one of the top ten altcoins, has managed to gain bullish momentum, jumping an impressive 28% over the past seven days.<\/strong> Let us dig in to understand the reasons that are driving the rally.<\/p>\n

Over the recent past week, Litecoin (LTC) has outperformed several leading digital tokens including the big boys of cryptocurrency, Bitcoin (BTC)<\/a> and Ethereum (ETH). According to CoinMarketCap<\/a>, LTC is up 2.02% in the last 24 hours to trade at a 14 month high above $100.<\/p>\n

At the time of writing, Litecoin is hovering at $112 with its market cap surging more than $8.26 billion. Meanwhile, the altcoin has jumped more than a whopping 28% over the past seven days, becoming one of the top gainers among digital coins. <\/strong><\/p>\n

\"Why<\/p>\n

Why is Litecoin Pumping?<\/h2>\n

It seems investors are flocking to purchase Litecoin (LTC) in the weeks leading up to its halving on August 3.<\/span><\/strong> The event will effectively reduce the Litecoin network’s mining reward per block from 12.5 LTC to 6.25 LTC and theoretically reduce the amount of new supply. LTC halving is an event that would make the digital token even more scarce. <\/span>With fewer coins in circulation, LTC prices could rise<\/span><\/strong> if demand remains at the same level or even increases.<\/span><\/p>\n

In addition to the halving, Litecoin price is on a bull run due to its listing on EDX Markets, a new institutional crypto exchange<\/strong> backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. This is mainly because the EDX Markets exchange listing is considered to be a good proxy in terms of the regulatory clearance of digital assets.<\/p>\n

Jamil Nazarali, CEO of EDX Markets had previously highlighted that the four crypto tokens listed on EDX Markets – BTC, ETH, BCH and LTC were safe bets in terms of compliance with the United States Securities and Exchange Commission (SEC).<\/p>\n

Several market experts anticipate LTC will continue its rally to touch greener pastures.<\/strong> On June 2, prominent crypto analyst, Michael van de Poppe took to Twitter to reveal that LTC is on its way to $200.<\/p>\n

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The markets are waking up and #Litecoin<\/a> is on its way to $200.<\/p>\n

— Micha\u00ebl van de Poppe (@CryptoMichNL) July 2, 2023<\/a><\/p><\/blockquote>\n