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October 5, 2022
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Over $ 100: Litecoin reaches highest price since August 2019

Litecoin remains far from its historic high even exceeding $ 100, but showed good signs of reaction to Bitcoin’s rise

Litecoin’s price reached three digits for the first time in 16 months on Thursday, surpassing the $ 100 mark. The seventh largest cryptocurrency in market value rose to $ 103.19, the highest value since August 5, 2019 , according data from CoinDesk 20.

At that time Litecoin had suffered its second reduction in mining reward (halving), a scheduled cut in supply repeated every four years to keep inflation under control.
The cryptocurrency has risen more than 20% in the last 24 hours and has increased by almost 150% in the year.

Bitcoin’s sharp rise of $ 19,500 to a record price of $ 23,770 seen in the past 24 hours appears to have given a boost to Litecoin (LTC, + 19.9%) and other major cryptocurrencies such as Ethereum (ETH, + 10 , 58%), XRP (+ 22.56%), Chainlink (LINK, + 11.07%) and Stellar (XLM, + 13.52%).

Litecoin is still down at least 75% from its $ 375 record set on December 19, 2017, according to the Messari data source.

If the rise in Bitcoin (BTC, + 14.34%) stops, we could see a rotation of money in relatively undervalued alternative cryptocurrencies.

Litecoin daily chart. Source: TradingView

Litecoin’s multi-week triangle price range ended with a bullish break.

The next immediate resistance is seen at $ 107 (August 5 high), but the cryptocurrency still needs to stabilize above $ 100.

Source: CoinDesk

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