Litecoin (LTC), sometimes referred to as the “silver” counterpart to Bitcoin’s “gold,” has seen a notable upswing in recent weeks.
This spike may be attributed to several causes, including technical aspects, heightened investor enthusiasm, and deliberate stockpiling by miners.
The price of LTC has surged by 12% during the last 24 hours, hitting $106.40, after seeing a year-to-date rise of 40%. The daily trading volume has seen a remarkable surge of 175%, suggesting a substantial increase in the number of investors participating in the Litecoin market.
Analysts are enthusiastic about the possibility of a significant upward movement after a prolonged period of decline, with some forecasting a substantial increase towards $150 or beyond.
This price trend replicates a profitable breakthrough anticipated in 2020/2021, further intensifying the optimistic sentiment.
The crypto expert Rekt Capital suggests that if the decline is successfully retested and support is established, it might indicate a good upswing for the cryptocurrency.
During the month of March, Litecoin miners have been steadily acquiring LTC, increasing their reserves by 150,000 LTC and reaching a total of 2.2 million LTC.
This accumulating approach mitigates the downward impact on recently created coins and indicates the miners’ belief in the future price direction of LTC.
The increase in open interest on Litecoin (LTC) futures contracts strengthens the current optimistic atmosphere, suggesting a rising confidence among traders about the coin’s future path.
