Litecoin Price Soars After DOGE Marks Historic Growth
Santiment reported that Litecoin is temporarily decoupled from the crypto pack. Furthermore, whale addresses with over 1,000 LTC increased rapidly from the middle of June. The LTC/BTC pair gained over 51% since June 12.
Memecoins have been in the limelight since last week after Musk Completed the Twitter acquisition. Among the memecoins, Dogecoin had the best performance, soaring above 100% in the price rally to $0.15, a five-month all-time high. But, Dogecoin has currently dropped to $0.1188.
However, another altcoin, Litecoin, picked up, taking the market limelight from DOGE. Price analysis shows that Litecoin (LTC) increased by nearly 15% in the last 24 hours to almost $63. Currently, LTC is trading at $62.77, a 13.61% increase with a market cap of $4.4 billion.
Following on-chain reports, there was a steady increase in LTC whale addresses since May, after the crypto market correction. More so, according to data from Santiment, LTC/BTC trading pairs have gained 25% in the past five months.
What Influenced Litecoin Price Boost?
Over the years, cryptocurrencies have evolved in adoption and use cases. Significant events and institutional adoptions influence the price actions of digital assets, and Litecoin is not an exception.
Litecoin’s performance could be due to the latest development in the crypto space. Recently, MoneyGram listed the token as one of the cryptocurrencies its US and Columbian consumers can trade and hold on its mobile platform.
Given that MoneyGram has a significant dominance in the global remittance service industry, the listing of LTC might have constituted a boost. Charlie Lee, the founder of Litecoin, shared the news on his Twitter handle. He revealed his excitement over the fact that users can buy Litecoin on the MoneyGram platform and thanked Coinme for making it possible. The LTC founder added that LTC is still alive as a note to haters.
LTC Performance Out Look And BTC Comparison
According to analytics, the $64 mark may be Litecoin’s resistance level. A break above $64 may result in a further upwards rally. Litecoin has recovered all its three-month losses with the recent gain.
LTC has maintained the third rank by market cap for a long time. Active for nine years, LTC has been successful, except for the advent of bear markets.
According to the 2022 price prediction for Litecoin, the minimum cost of the token is $57.16, and the maximum level is $62.79. The expected average trading price is around $59.38. But LTC has managed to surpass these levels.
Comparing LTC performance with Bitcoin’s, the latter currently has a market cap above $389 billion, while the former has over $4.413 billion. Meanwhile, Bitcoin is down by 0.86% in the last 24 hours, trading above $20,000.
featured Image from Pixabay, Charts by TradingView