24h volatility:
7.9%
Market cap:
$10.30 B
Vol. 24h:
$1.79 B
Ah, dear reader, have you heard the latest news about our dear friend Litecoin? It seems the old boy has been gaining quite the bullish sentiment in the past few months! With a fully diluted valuation of about $10.2 billion and a 24-hour average trading volume of about $1.8 billion, Litecoin has surged more than 30 percent in the past two weeks to trade about $135 on Wednesday, February 19, 2025, during the mid-New York session.
But wait, there’s more! From a technical analysis perspective, Litecoin’s price recently confirmed a bullish breakout from a multi-month consolidation after consistently closing above the resistance/support level of around $100 in the recent past. As a result, the LTC price has approached a crucial resistance level of around $135, which has been established in the past two months.
Now, if the LTC price consistently closes above $135 in the coming days, the altcoin will be well-positioned to rally toward its all-time high in the subsequent weeks. Remarkably, Litecoin price has portrayed a very low correlation with Bitcoin price action, about 0.12 out of 1 according to IntoTheBlock.
As a result, LTC price has a higher chance of rallying towards the next target range between $175 and $240, which coincides with the 1.618 and 2.618 days Fibonacci Retracement.
But wait, there’s even more! Following the administration change in the United States earlier this year, the new US SEC leadership has expedited the process of clearing filings for spot crypto ETFs. Earlier on Wednesday, the US SEC acknowledged the filing for CoinShares spot Litecoin ETF.
Earlier this month, NASDAQ Stock Market LLC filed with the US SEC to list and trade shares of CoinShares Litecoin ETF.
Now, let’s talk about Litecoin’s fundamentals, shall we? As the third largest digital asset secured by the legendary proof-of-work (PoW) consensus method, after Bitcoin and Dogecoin, the Litecoin network has grown into a robust ecosystem backed by institutional investors. As of this writing, the Litecoin network had a total hash rate of about 2.38 PH/s and a mining difficulty of about 79.31 (M).
Amid the mainstream adoption of digital assets, the Litecoin network has attracted more than 7.9 million on-chain holders, with 78 percent of the holders having held more than 1 year. According to market data from IntoTheBlock, 49% of the LTC’s supply is held by large holders, thus indicating a fair distribution.
Following the rising demand for Litecoin by institutional investors, on-chain data shows transactions greater than $100k have increased from 1,266 transactions on February 15 to about 2,160 transactions at the time of this writing. The notable spike in whale transactions on the Litecoin network has helped bolster LTC’s bullish sentiment amid the wider crypto correction.
So, dear reader, will Litecoin reach the moon? Only time will tell. But one thing is for sure: the future looks bright for our dear friend Litecoin. 🚀🌕
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2025-02-19 23:52