Litecoin (LTC) has seen a considerable enhance in worth following the FTX-induced drop final November. It has thus far rallied by 89% since dipping under $50 on Nov. 9 within the wake of the FTX implosion. The asset is at present on observe to reclaim highs witnessed earlier than the Terra collapse.
LTC has been silently bucking the development
Litecoin was one of many least affected belongings by the FTX debacle of November 2022. It dipped by 31% to a 4-month low of $49.58 on Nov. 9 and instantly staged a comeback towards the bears, which noticed it recognize by over 64% to a 6-month excessive of $81.52 by Nov. 23 when different belongings have been nonetheless testing decrease lows.
Following a consolidation interval in December, the asset discovered new help from the newest market-wide rally that ensued this month, resulting in a excessive of $96.58 on Jan. 29. Santiment lately highlighted this bullish worth motion from the second oldest mainstream cryptocurrency, noting that it has appreciated by over 89% for the reason that drop on Nov. 9.
Santiment ascribed the propitious development to an accumulation marketing campaign by shark addresses (holding 100 to 10,000 LTC) since December of final yr. In response to a chart from the conduct analytics platform, these addresses have cumulatively added 1.15 million extra LTC to their luggage since final July, resulting in a 4.92% enhance of their complete holdings.
Furthermore, following a dip in litecoin’s worth in December, the buildup marketing campaign picked up considerably, as these shark addresses cupped virtually 0.5% of the asset’s provide in 7 weeks. Consequently, they now collectively maintain 24.79% of the provision after a current distribution development. Santiment additionally known as consideration to a resurgence of whale exercise final week.
Litecoin worth motion
In the meantime, litecoin is altering palms at $94.82 as of press time, up 4.6% prior to now week. Resulting from a corresponding surge in its market capitalization, the asset has towered over tron (TRX), dogecoin (DOGE) and Shiba Inu (SHIB) on the record of largest belongings by valuation, at present securing the 13th place with a market cap of $6.84 billion.
Litecoin overtakes TRON and Shiba Inu by way of market capitalization. Supply: CoinMarketCap
The asset has its eyes set on the pre-Terra highs above the $100 territory. Outstanding analyst Rekt Capital forecasted new highs for litecoin earlier this month, contemplating the upcoming litecoin halving of this yr.
Litecoin rallied by 14,200% following the primary halving and by 1,574 after the second halving. In consequence, Rekt Capital predicted an analogous surge after the third halving which is anticipated in July this yr. The notable analyst asserted {that a} breakout ought to be anticipated someday in July 2024.
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