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<p>Litecoin price has been making continuous bullish movements throughout the month and has surged to a year-high of $109 a few hours ago. It happened when the trading volume of the token surged 175% in a day with $1,893,488,860 in value. The market cap is also high, with 10% pushing the value to $7,723,446,188.</p> 
<p>In this blog, let’s discuss why the Litecoin price surged to $109 and how the charts will move next.</p> 
<h2 id="top-reasons-why-litecoin-price-surge">Top Reasons Why Litecoin Price Surge?</h2> 
<p>The bullish market situation is giving a push to the cryptocurrencies where many are hiking up. Litecoin has left everyone behind in terms of daily gains with its 11% hike in the last 24 hours. There are two reasons why behind this Litecoin price surge.</p> 
<h3 id="cftc-announced-litecoin-as-commodity">CFTC Announced Litecoin As Commodity</h3> 
<p>Because of the ongoing lawsuit over <a href="https://coingape.com/breaking-us-doj-charges-kucoin-and-2-co-founders-for-flouting-aml-laws/">KuCoin</a>, the United States Commodity Futures Trading Commission (CFTC) declared <a href="https://coingape.com/cftc-classifies-ethereum-and-litecoin-as-commodities-in-kucoin-case/">Litecoin</a> as a commodity. Soon after the declaration, a price surge has been noticed in the Litecoin’s case. The statement reads</p> 
<p>“KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC)”</p> 
<p>This statement is quite helpful for Litecoin as the SEC has been giving a tough time to <a href="https://coingape.com/trending/will-sec-approve-ethereum-etf-by-may-chances-declined-to-25/">Ethereum</a> and a few other cryptocurrencies over their undecided status between commodity and Security. With the CFTC announcement, Litecoin has made its pathway safe for future endorsements.</p> 
<h3 id="litecoin-miners-accumulation">Litecoin Miners Accumulation</h3> 
<p>According to the IntoTheBlock data, a strong accumulation of the Litecoin miners has been noticed, where $150,000 LTC tokens were accumulated this month only. This accumulation was worth over $16 Million. Compared to the month starting holding to the month end, they have increased from 2 Million LTC to 2.2 Million LTC.</p> 
<p>It caused a bullish situation because the accumulation led to a reduction in the incoming minted tokens. It was helpful for the bullish investors to mark their presence in the market.</p> 
<p>Also Read: <a href="https://coingape.com/trending/3-crypto-stocks-to-watch-out-this-good-friday/">3 Crypto Stocks To Watch Out This Good Friday</a></p> 
<p>Additionally, it is anticipated that the upcoming <a href="https://coingape.com/glossary/bitcoin-halving/">Bitcoin halving</a> will push the Miners toward a more profiting mining network like Litecoin. Bitcoin halving is the event that happens every four years to reduce the number of Bitcoins generated during mining. As a result, the rewards get decreased for miners. In that regard, an increased accumulation of miners for Litecoin can be expected in the next few days before halving competition.</p> 
<h4>Litecoin Price Might Hit $150 Soon</h4> 
<p>At the time of writing, the<a href="https://coingape.com/price/litecoin/"> Litecoin Price</a> is at $103.87 after seeing a slight downward push. But the analysts have predicted a better hike, leading to the price surge to $150 within the next few days.</p> 
<p><a rel="nofollow" href="https://coinmarketcap.com/currencies/litecoin/"><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/03/image-2024-03-30T125421.500.png" alt="Litecoin Price Analysis" width="960" height="602"></a></p> 
<p>Litecoin finally got hit by the bull runs, where the <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index (RSI)</a> indicated an overbuying of the token with 66% bullish dominance.&nbsp;Also, the price analysis depicts the end of a multi-year macro downtrend by establishing new support and initiating a new macro uptrend for the crypto.</p> 
<p>Other than that, the Reky Capital reports are talking about the historical pattern of Litecoin back from 2020/2021. There are possible indications of an upcoming uptrend pushing the value to at least the $135 mark with a 29% hike, reaching the $150 mark in the next few days.</p> 
<p>In contrast, if the trends changed, the Litecoin price may fall again to a low of $80 mark, noting a loss of 22%.</p> 
<h2 id="conclusion">Conclusion</h2> 
<p>Even with the current hike, the Litecoin price is 75% away from its all-time high value. It has never reached anywhere near that in the last three years. Regardless of that, a sale of $150 is an exciting moment for the Litecoin community.</p> 
<p>Read More About <a href="https://coingape.com/trending/ethereum-gas-fees-can-you-really-get-ethereum-gas-fees-refund/">Can You Really Get Ethereum Gas Fees Refund</a></p> 
<p>The post <a href="https://coingape.com/trending/litecoin-price-litecoin-surged-a-year-high-with-109-whats-happening/">Litecoin(LTC) Price: Litecoin Surged A Year High With $109; What’s Happening?&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Litecoin(LTC) Price: Litecoin Surged A Year High With $109; What’s Happening?

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