- Industry experts and available data has continued to prove Litecoin’s potentials.
- With the exemption from SEC’s latest securities classification, LTC has inked another momentum for growth.
In the world of crypto, Litecoin (LTC) has emerged as one of the most popular and widely recognized digital assets, according to data and acclaimed reports. Since its inception, Litecoin has shown remarkable resilience and has established itself as a significant player in the crypto market. With its strong uptrend potential, Litecoin presents a promising investment opportunity.
The crypto market experienced a significant downturn in recent months, with many digital assets, including Litecoin, experiencing a substantial decline in value. However, Litecoin has shown signs of a potential recovery rally in the midst of this market turbulence.
Following a severe decrease that began in early June, the price of LTC signals a brewing recovery rally. The Bitcoin (BTC) fork, like the rest of the altcoins, has experienced a bear market but has been spared the latest SEC attack. One of the factors contributing to Litecoin’s resilience is its distinction from being labeled as a “security” by the SEC. Recently, the SEC has been closely monitoring the crypto market, particularly digital assets that exhibit characteristics of securities.
Freedom from the Securities Tag Discrepancy
Meanwhile, a new video has emerged in which SEC Chairman Gensler tells a gathering of institutional investors that four cryptocurrencies including Litecoin are not securities and that 75% of the whole crypto market at the time fell outside of that legal category. Notably, the 2018 video appears to contradict his more recent claims that all cryptocurrencies other than Bitcoin are securities.
Typically, tokens classified as securities face additional regulatory requirements, which can impact their liquidity and trading opportunities. Because Litecoin avoided this classification, it preserves its status as a utility token, giving it an advantage over several other cryptocurrencies.
Additionally, the decline in Litecoin’s price by almost 20% since early June, accompanied by increasing volatility in the LTC market, also indicates an immediate recovery for the token. Over the past year, Litecoin has seen a staggering 90% increase in price, indicating a bullish trend. Remarkably, since the beginning of the year, LTC has risen by approximately 15% with its price pegged at $77.62 at the time of writing.
These figures suggest that despite the recent short-term decline, Litecoin has demonstrated resilience and the potential for sustained growth.
Also, the fact that Litecoin has reached a market capitalization of $6 billion despite the overall bearish sentiment in the market is a positive sign. It indicates that investors have confidence in Litecoin’s value proposition and long-term potential.
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Furthermore, a renowned analyst Van de Poppe has highlighted that Litecoin’s halving narrative will lay the groundwork for possibly significant price rises.
A Positive Outlook for Litecoin
According to the daily chart of the LTC/USDT trading pair, Litecoin price topped the demand zone on June 10, indicating a trend reversal is beginning. The position has already been boosted by clear minor indicators of change, climbing 0.78% in the last day.
The subsequent 0.78% surge in price and the 5% increase over the last three days further indicate a positive momentum.