In an effort to maintain the upward trajectory it is now following, Litecoin (LTC) has once more detached from Bitcoin (BTC) and the overall market. Litecoin has increased by 1.88% to $88.53 in the previous day to offset some of the losses it has accumulated over the past week, which has coincided with the market’s continuing negative swing, which has caused the total market capitalization to decline by 0.71%.
Now, there are indications that the digital currency’s present optimistic outlook will continue to prevail. The Litecoin protocol is displaying a lot of indicators that demonstrate its user base is mainly inclined in favour of the cryptocurrency for what it actually stands for: a powerful payment token.
The procedure is meticulously counting down to its upcoming halving, which it anticipates will occur in the following 100 days. This has to happen in August at some point. The Litecoin halving is expected to reengineer the overall drop in the amount of LTC that can eventually assist fuel its development, much like the attitude around Bitcoin.
In addition, the Litecoin community is expressing great optimism about the future of the digital currency, building on the track record of success it has shown since its creation.
Litecoin and Bitcoin correlation
Since it was developed using the Bitcoin protocol, Litecoin is still one of the digital currencies that is most closely tied to Bitcoin, but it is known to periodically decouple from the price movement of the latter coin.
Given the clamour from the top U.S. authorities, which primarily displays dissent on the status of various assets in the crypto ecosystem, this current time is all the more significant. The CFTC originally classified Litecoin as a commodity, which has made the community more lax after Bitcoin was declared a nonsecurity by the U.S. SEC.
The price of Litecoin is now showing signs of decoupling from the price of Bitcoin, and if the current trend is maintained, additional altcoins may follow suit in the future.
