Litecoin’s price reached three figures for the first time in 16 months earlier on Thursday.

  • 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 daily chart
Source: TradingView
  • 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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