Litecoin token has its moment as network activity booms
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The other possible reason could be a self-fulfilling prophecy tied to the reward halving cycle. Like the Bitcoin blockchain, Litecoin also cuts its block rewards by 50% every four years, and the cryptocurrency has had a tendency to bottom out ahead of a fresh bull run anywhere between six to 12 months before the event. The fourth halving, due next July, will cut per-block rewards to 3.125 LTC.
It remains to be seen if prices continue to rise into the event. For now, the increase in LTC's price is accompanied by renewed capital inflows into derivatives tied to the token.
As for the broader market, some analysts are confident that any pain from rising bond yields could be short-lived.
“It is worth remembering that in 2021, Bitcoin lost over 50% from its peak before reaching new highs. Similarly, today, a decline to $70K may be painful for short-term speculators, but it does not undermine the bullish outlook,” Alex Kuptsikevich, chief market analyst at The FxPro said in an email. Stay alert!
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