- LTC’s price increased by more than 9% in the last seven days
- Positive sentiment spiked, and market indicators remained bullish
Litecoin [LTC] decoupled from the crypto market as it registered promising gains over the last few days. As per CoinMarketCap, LTC’s price increased by more than 4% in the last 24 hours alone.
Over the last seven days, LTC’s price surged by over 9%. At the time of writing, LTC’s chart remained green and was trading at $92.69 with a market capitalization of over $6 billion. The silver to Bitcoin [BTC] took the 11th spot on the list of top cryptocurrencies by market cap.
A development to watch out for
Litecoin Foundation recently posted a tweet highlighting LTC’s growth in the mining industry. As per the tweet, LTC’s hashrate has been on an increasing trend for a year now.
Litecoin’s Hashrate has increased by more than 60% compared to a year ago! 🚀🚀
This is an important measurement of network security, which we can visualize strengthening over Litecoin’s entire history. #Litecoin⚡ $LTC pic.twitter.com/oyiuRh8qhN
— Litecoin Foundation ⚡️ (@LTCFoundation) May 31, 2023
To be more specific, Litecoin’s hashrate increased by more than 60% compared to a year ago. As per Coinwarz, at press time, LTC’s hashrate was 759.91 TH/s.
Interestingly, LTC’s transaction fees chose to move in the opposite direction as it registered a decline over the last few weeks. This could lure more users onto the network.
Source: Glassnode
Litecoin’s popularity is on the rise!
As per Santiment’s data, LTC’s popularity witnessed a surge. Its social volume witnessed a spike of late. This suggested that the crypto community was talking about LTC. Moreover, positive sentiment around LTC also increased, as evident from the chart.
Source: Santiment
Trouble incoming!
Despite the aforementioned updates, LTC’s 1-week price volatility registered a decline. This can result in a halt to Litecoin’s bull rally. Moreover, daily active addresses also plummeted, which was a negative signal.
However, the price hike was accompanied by a surge in trading volume, which acted as a foundation for the increment. LTC’s velocity was also up, suggesting that LTC was used in transactions more often within a set time frame.
In addition to that, LTC’s open interest also increased, which generally means that the current price trend will continue for longer.
Source: Santiment
Realistic or not, here’s LTC market cap in BTC‘s terms
A look at LTC’s daily chart also gave hope for a further uptrend as most indicators were supporting the buyers. For instance, the Moving Average Convergence Divergence (MACD) displayed that the bulls were ahead of the bears.
LTC’s Money Flow Index (MFI) also registered an uptick. The Relative Strength Index (RSI) also followed the same trend and went up, which looked bullish.
Source: TradingView
