Litecoin price has been making continuous bullish movements throughout the month and has surged to a year-high of $109 a few hours ago. It happened when the trading volume of the token surged 175% in a day with $1,893,488,860 in value. The market cap is also high, with 10% pushing the value to $7,723,446,188.
In this blog, let’s discuss why the Litecoin price surged to $109 and how the charts will move next.
Top Reasons Why Litecoin Price Surge?
The bullish market situation is giving a push to the cryptocurrencies where many are hiking up. Litecoin has left everyone behind in terms of daily gains with its 11% hike in the last 24 hours. There are two reasons why behind this Litecoin price surge.
CFTC Announced Litecoin As Commodity
Because of the ongoing lawsuit over KuCoin, the United States Commodity Futures Trading Commission (CFTC) declared Litecoin as a commodity. Soon after the declaration, a price surge has been noticed in the Litecoin’s case. The statement reads
“KuC
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