Litecoin (LTC) Gives A Strong Rally Amid Whale Acquisition

Over the last week, memecoin Dogecoin (DOGE) stormed the crypto market with solid gains of over 100%. The Dogecoin price rally came against the backdrop of Elon Musk’s Twitter acquisition.

Now, there’s another altcoin that’s decoupling majorly from the rest of the crypto market. In the last 24 hours, Litecoin (LTC) price has jumped nearly 15% moving all the way closer to $63.

As of press time, Litecoin (LTC) is trading 13.61% percent up at a price of $62.77 and a market cap of $4.4 billion. On-chain data shows that the LTC whale addresses have been growing consistently since May 27 after the crypto market correction.

Besides. the LTC/BTC trading pair has also gained 25% in the last five months. As on-chain data provider Santiment reports:

“Litecoin is currently on a nice run, and is temporarily decoupled from the #crypto pack. We have seen that the amount of addresses with 1,000 or more $LTC has grown rapidly since mid-June, and $LTC‘s price vs. $BTC has grown +51% since June 12th”.

Courtesy: Santiment

A Boost to Litecoin Adoption

On Tuesday, November 2, global payments platform MoneyGram announced that it would allow users to buy, sell and store digital assets including Bitcoin, Ether, and Litecoin. This facility will be available in almost all U.S. states and the District of Columbia.

This could be a big boost in particular to Litecoin (LTC) adoption considering MoneyGram has a very footprint globally. Litecoin founder Charlie Lee shared the news adding:

As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I’m extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks @Coinme for making this happen. P.S. Yes, Litecoin is still alive to answer the haters.

As of now, $64 seems to be a resistance above! A breakout above this could lead to a strong rally further. with its current price jump, LTC has recovered all the losses over the last three months. However, it is still trading at over 50% discount year-to-date.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Be the first to comment

Leave a Reply

Your email address will not be published.


*