Litecoin Enters Top 20, Soared Over 28% in The Last 7 Days, Here Is Why
Nicholas Otieno Nov 08, 2022 03:55
Investors are upbeat about Litecoin since the beginning of this month. The token has outperformed in the past few days, with the market cap reaching $4.91 billion.
According to CoinMarketCap, Litecoin's price shows an impressive bullish trend, which is worth analyzing. The token price has risen by 28.05% in the past seven days and has subsequently entered the top 20, as per the price-tracking website for crypto assets.
At the time of writing, the price of Litecoin (LTC) was $68.65, with a 24-hour trading volume of $1,400,844,453. The token has been down 1.59% over the last 24 hours. The cryptocurrency is ranked #19, with a live market cap of $4,912,922,846, according to CoinMarketCap.
On October 21, Litecoin was worth $51.18 per coin. Like many cryptocurrencies, the coin has been affected by the overall crypto market downturn and is down 74% in the past year and 65% year to date. In comparison, Bitcoin is down about 69% over the past year and 59% year to date.
Litecoin opened in 2022 at $150.80, and today it is down by 54.39%. At the time of writing, the LTC price is $68.65, up 0.76% from the previous trading day.
On November 1, the price of Litecoin jumped nearly 8% after the payments company MoneyGram enabled users to trade and store several crypto assets, including Litecoin, on its app.
Besides Litecoin, Moneygram also allows users to trade and store Bitcoin and Ethereum. However, with Litecoin having a much smaller market cap and much less of a following, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.
Moneygram announced that users in almost all US states and the District of Columbia can purchase, sell and hold Litecoin and other cryptocurrencies. As a result, Litecoin has recently disassociated itself from altcoins and posted a massive rally against Bitcoin.
The price of Litecoin is rallying after temporary decoupling from the crypto market. The token has experienced an increase in the number of addresses holding 1,000 or more LTCs. Litecoin has added 314 new whale addresses; these wallets hold large volumes of LTC and contribute to a huge increase in on-chain activity.
The recent activity in Litecoin price comes after months of consolidation at the $55 level. Litecoin value is now past the key resistance level at $60, which has served as a barrier to a breakout on several occasions.
Besides the price boost, a few days ago, Litecoin mining difficulty set a new record high, peaking at just under 18 million hashes. Blockchian.News reported the matter on November 6. The rise in Litecoin's mining difficulty means the competition rises as more miners enter the crypto network to reap the rewards.
Image source: Shutterstock