LTC Races to 9-Month High, ATOM Extends Recent Gains – Market Updates Bitcoin News
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The cryptocurrency market is continuing to show signs of strength, with Litecoin (LTC) and Cosmos (ATOM) both surging to new nine-month highs.
Litecoin, the fourth-largest cryptocurrency by market capitalization, has seen a surge in demand over the past few weeks, pushing its price to a nine-month high of $87.44 on Monday. The digital asset has gained more than 20% in the past seven days and is up more than 80% since the start of the year.
The surge in LTC comes as the cryptocurrency is set to undergo its halving event in August. The halving, which will reduce the rewards miners receive for processing transactions on the network, is expected to reduce the supply of LTC and increase its scarcity. This, in turn, is expected to drive up the price of the digital asset.
Meanwhile, Cosmos (ATOM) has also been on a tear, rising to a nine-month high of $3.88 on Monday. The digital asset has gained more than 60% in the past seven days and is up more than 200% since the start of the year.
The surge in ATOM comes as the cryptocurrency is set to undergo its own upgrade, the Inter-Blockchain Communication (IBC) protocol. The protocol is expected to enable faster and more secure transfers of value between different blockchains. This, in turn, is expected to increase the demand for ATOM and drive up its price.
The cryptocurrency market has been on a tear in recent weeks, with Bitcoin (BTC) hitting a new all-time high of $19,850 on Monday. Other major cryptocurrencies such as Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB) have also been performing well, with ETH hitting a new all-time high of $619 on Monday.
The strong performance of the cryptocurrency market is a sign that investors are becoming increasingly bullish on the asset class. With the halving events for both LTC and ATOM coming up in the near future, the demand for these digital assets is expected to remain strong in the coming weeks.
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