Litecoin has bucked recent market weakness, gaining nearly 8% over the past 24 hours to reach $66, its highest price since January. The cryptocurrency, ranked 24th by market cap, has risen 37% this month, marking its best monthly performance since November 2024.
The gains contrast sharply with other major cryptocurrencies. Bitcoin dropped 3% in the same period and is up only 6% for the month, while other top-10 tokens including ETH, XRP, and SOL show similar weakness.
The Litecoin Foundation attributed the outperformance to increased economic activity on the network. Over $1 billion in value, equivalent to more than 17 million Litecoin, moved across the network in 24 hours, representing a significant percentage of the cryptocurrency's total market cap.
Another factor may be anticipation surrounding Litecoin's scheduled halving event in July, when block rewards will be cut by 50% to 3.125 LTC. Historically, Litecoin has shown a tendency to reach price lows between six to 12 months before such halving events, followed by rallies.
The price increase has been accompanied by renewed capital inflows into derivatives tied to the token. Technical analysts noted that Litecoin prices have cleared the $60.60 resistance level, with recent trading patterns forming what chart analysts describe as a bullish configuration.
