Litecoin (LTC) is bucking the trend in the crypto market and rising above the FTX-induced trend.
Data from CoinDesk shows that LTC has rallied over 43% from $55 to $79 this month. LTC also rallied 28% in the past 24 hours alone.
The cryptocurrency’s outperformance could be attributed to impending positive change in its supply dynamics.
The crypto space is eight months ahead of Litecoin’s third mining reward halving – a programmed code that will reduce rewards or LTC paid to miners for recording transactions on Litecoin’s blockchain from 12.5 LTC per block to 6.25 LTC per block.
While LTC has rallied to its highest since May, it’s yet to cross above the trendline characterizing the bear market that began in April 2021.