Litecoin’s price surges by 14% since October 18, currently trading at $68, with bullish patterns indicating potential for a weekend breakout.
Santiment reports increased whale activity and daily active addresses in Litecoin, suggesting a positive outlook despite a recent 1.35% price drop.
Litecoin (LTC), one of the prominent cryptocurrencies, has surged in recent weeks, showing signs of a potential bullish rally. Market data reveals a significant increase in Litecoin’s price, accompanied by notable on-chain activity. Litecoin’s price has demonstrated a remarkable upward trajectory, registering a substantial 14 percent increase since October 18.
Whale Activity Resurfaces
A significant factor contributing to Litecoin’s recent momentum is the resurgence of on-chain activity, particularly among large investors, known as “whales.” Market intelligence platform Santiment conducted an in-depth analysis, revealing that Litecoin whales have become increasingly active after a dormancy lasting approximately six weeks.
During the past week, Santiment reported approximately 7,418 whale transactions on Litecoin’s network, signifying a substantial increase in large-scale cryptocurrency movements. This uptick in whale activity aligns with a notable surge in daily active addresses, reaching around 319,000. This figure represents the highest daily active address count since June.
The resurgence in whale activity and the growing interest among daily users have coincided with the positive price momentum of Litecoin. It is worth noting that Litecoin’s price speculation also experienced an upswing during this period, likely influenced by its third halving event.
A Positive Outlook
Considering Litecoin’s robust network fundamentals, which have been solidifying over the past five years, including two halving events, the outlook for this cryptocurrency appears bullish. Litecoin also benefits from a substantial and engaged community, with over 10 million holders and a well-established network of miners.
>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<
These combined factors and the current consolidation within a symmetrical triangle pattern suggest that Litecoin has the potential to reach a triple-digit price range in the near future. This optimistic outlook positions Litecoin as a cryptocurrency to watch closely as it continues to evolve in the ever-dynamic digital asset market.
Price Correction and Market Dynamics
While Litecoin’s recent performance has been impressive, it is essential to note that the cryptocurrency market is highly volatile. Litecoin, despite its positive momentum, recently experienced a slight reversal in gains. At the time of writing, Litecoin is trading at $67.79, representing a 0.48% decrease in the past 24 hours.
Santiment data reveals a nuanced perspective on Litecoin’s on-chain activity. While optimism is due to increased transaction activity, the trading volume reflects a 3% decline, amounting to $353,198,358. This data highlights the dynamic nature of the cryptocurrency market, where price fluctuations can occur rapidly.
Market Correlation with Bitcoin
Litecoin has long maintained a close correlation with Bitcoin. Movements and developments in the Bitcoin market can significantly influence Litecoin’s performance. In the current market landscape, Bitcoin is exhibiting positive fundamentals that have the potential to boost its price over the coming weeks and months.
One notable development is the growing demand for the approval of spot Bitcoin ETF products by the United States Securities and Exchange Commission (SEC). This event has generated optimism regarding the growth of Bitcoin. Given Litecoin’s historical correlation with Bitcoin, it is likely that Litecoin will also benefit from this positive sentiment, building on its achievements since its inception over 12 years ago.
Best Crypto Exchange for Everyone
Invest in Bitcoin (BTC) and 70+ cryptocurrencies and 3,000 other assets.
0% commission on stocks – buy in bulk or just a fraction from as little as $10.
Copy top-performing traders in real time, automatically.
Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Bitcoin correlation Bitcoin ETFs Litecoin (LTC) Litecoin whales
