In recent trading sessions, Litecoin (LTC) has proven to be one of the high performers. The digital asset has managed to keep itself away from the overall market downtrend.
According to the latest reports, Litecoin has already started to shed off the impact that came from the collapse of the FTX exchange.
The market has experienced a huge meltdown but it did not do much to drag Litecoin down.
LTC has Outperformed Major Coins
In the recent market downtrends, the majority of the top cryptocurrencies have faced huge downtrends. Even Bitcoin (BTC) and Ether (ETH) have found themselves facing one of the downtrends in 2022.
However, Litecoin’s performance, helping it push into the bullish side is quite phenomenal. The asset has rivaled and won against the major crypto as its price has surged significantly higher compared to the rest.
Litecoin is the second cryptocurrency to be launched in the cryptocurrency universe. The only coin that was launched prior to LTC was none other than Bitcoin.
Litecoin, which came into being in 2011 has experienced a 16% surge in value on a month-to-date basis. The report shows that on November 22, the trading value of LTC reached a high of $62.75.
With the recent performance, Litecoin has even managed to outperform the rest of the major tokens, even Bitcoin.
Performance of BTC and ETH
Compared to Bitcoin and Ether, the performance of Litecoin has been very promising. The data suggests that from the beginning of the month until now, Bitcoin’s value has plummeted by 25%.
On the other hand, the value of Ether has also suffered a 30% plunge in a month-to-date period.
Litecoin has experienced a strong rally not only versus the USDT but against Bitcoin as well. According to reports, the value of the LTC hit a new height versus the BTC in the month of November.
The digital asset recorded a new yearly high versus the BTC on November 22. It has reportedly hit a high trading price of $0.003970 versus Bitcoin.
LTC Halving in 2023
The trading price of LTC experienced a major boost in the month of November. There is a great possibility that the investors are trying to benefit from LTC before its halving takes place.
The halving for LTC is to take place in the month of August 2023. The anticipation of the halving is also helping in boosting the trading price of LTC plus the positive comments coming in from crypto proponents.
Recently, Michael J. Saylor, a hardcore supporter of Bitcoin endorsed Litecoin. He has remarked that the token has been around since 2011 and still, it is counted in the same category as Bitcoin.
Litecoin Price to Correct by 50%
For now, the trading price of Litecoin is moving in the higher zone but as soon as the halving takes place, its demand would rise making it less volatile.
There is a high chance that the value of LTC may dip once the halving takes place.