<br><div> <p>Litecoin (<a target="_blank" href="https://cointelegraph.com/ltc-price-index" rel="noopener">LTC</a>) emerged as one of many best-performing cryptocurrencies on March 23, surpassing its top-ranking rivals Bitcoin (<a target="_blank" href="https://cointelegraph.com/bitcoin-price" rel="noopener">BTC</a>) and Ether (<a target="_blank" href="https://cointelegraph.com/ethereum-price" rel="noopener">ETH</a>). </p><h2>Litecoin attracts Bitcoin and Ethereum traders</h2><p>LTC value rallied 5.5% to achieve an intraday excessive of round $92.50. Compared, the full crypto market capitalization (TOTAL) has risen 2.25% to $1.14 trillion, with BTC and ETH rising 1.79% and 1.42%, respectively.</p><p>The <a target="_blank" href="https://cointelegraph.com/news/bitcoin-price-whipsaws-as-fed-says-rate-hikes-may-not-be-appropriate" rel="noopener">Federal Reserve's 25 basis points (bps) rate hike</a> on March 22 seems to be the important thing driver behind Litecoin beating its crypto rivals over the previous 24 hours. </p><p>Notably, LTC value rallied over 15% versus BTC and about 14.5% versus ETH because the Fed announcement. </p><figure><amp-img src="https://s3.cointelegraph.com/uploads/2023-03/65e3209d-7297-46f2-80ad-ae87cdc4103b.png" width="4" height="3" layout="responsive"/><figcaption class="inline-style-0"><em>LTC/ETH and LTC/BTC every day value chart. Supply: TradingView</em></figcaption></figure><p>One motive might be that Litecoin has comparatively underperformed the cryptocurrency market in March, dropping over 6.5% month-to-date (MTD) versus the crypto market's 9.35% positive factors.</p><figure><amp-img src="https://s3.cointelegraph.com/uploads/2023-03/2929b79c-375b-4a3d-a983-4a41707cbc90.png" width="4" height="3" layout="responsive"/><figcaption class="inline-style-0"><em>LTC/USD March value efficiency vs. BTC/USD, ETH/USD, and TOTAL. Supply: TradingView</em></figcaption></figure><p>Therefore, merchants doubtless noticed this as a "purchase the dip" alternative for Litecoin with extra upside potential, notably as there have been little to no different notable catalysts. </p><h2>Whale accumulation forward of Litecoin halving?</h2><p>In the meantime, on-chain knowledge exhibits an increase within the Litecoin provide held by addresses with a stability between 1 million and 10 million LTC in March. Moreover, the share of provide held by addresses with a stability between 100,000 LTC and 1 million LTC has been dropping.</p><figure><amp-img src="https://s3.cointelegraph.com/uploads/2023-03/6c784677-596f-46a3-9980-b0230050c356.png" width="4" height="3" layout="responsive"/><figcaption class="inline-style-0"><em>Litecoin provide held by addresses holding 100,000 LTC to 10 million LTC. Supply: TradingView</em></figcaption></figure><p>This means that the whales holding 10,000-1 million LTC have been accumulating Litecoin in March to enter the 1 million-10 million LTC holders' cohort.</p><h3>Litecoin halving euphoria</h3><p>A <a target="_blank" href="https://cointelegraph.com/bitcoin-for-beginners/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="noopener">halving event</a> happens when the rewards for mining new blocks get reduce in half. </p><p>Earlier halvings in Bitcoin and Litecoin markets have preceded <a target="_blank" href="https://cointelegraph.com/news/litecoin-pre-halving-fractal-hints-at-200-ltc-price-rally-by-july-2023" rel="noopener">extended bull runs</a>. Subsequently, the following Litecoin halving, scheduled for August 2023, might additionally produce an identical bullish consequence.</p><p>Unbiased market analyst Rekt Capital famous that the euphoria across the Litecoin halving could have influenced merchants to purchase LTC within the face of a "market-wide dip."</p><amp-twitter height="694" width="486" layout="responsive" data-tweetid="1638685666409168900?ref_src=twsrc%5Etfw"/> <h2>What's subsequent for LTC value?</h2><p>From a technical perspective, Litecoin appears to be like able to bear a value correction within the coming weeks.</p><p><strong><em>Associated: <a target="_blank" href="https://cointelegraph.com/news/ethereum-faces-6-month-lows-versus-bitcoin-will-eth-price-rebound" rel="noopener">Ethereum faces 6-month lows versus Bitcoin — Will ETH price rebound?</a></em></strong></p><p>Notably, LTC/USD is testing its multi-month descending trendline resistance for a possible pullback, much like what transpired in Might and November 2021. </p><p>A decisive bearish reversal might have LTC check its earlier assist line close to $47.50 because the draw back goal, down about 45% from present value ranges.</p><figure><amp-img src="https://s3.cointelegraph.com/uploads/2023-03/d3a3f941-3570-4ffe-a479-1406e995c893.png" width="4" height="3" layout="responsive"/><figcaption class="inline-style-0"><em>LTC/USD weekly value chart. Supply: TradingView</em></figcaption></figure><p>Conversely, a breakout above the descending trendline resistance could push LTC value towards the $105-140 value vary.</p><p class="post-content__disclaimer">This text doesn't comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.</p> </div>