Litecoin rises above $100 for the first time since May 2022

Litecoin (LTC) has been trading below $100 for the past ten months.

For the first time since the beginning of May, the LTC rate has strengthened to $100.22. After the crash of the FTX exchange, the value of LTC increased by 80%.

The Santiment team points to increasing support for litecoin from large wallets that control between 100 and 10,000 coins.

Within two months of the FTX bankruptcy, these investors, or the so-called sharks, increased their holdings by another 0.5% of the LTC supply.

Almost 25% of the total cryptocurrency turnover is now under the control of sharks, analysts emphasized. Since the beginning of November, they have bought another 1.15 million LTC.

Thanks to the pumping arranged by large investors, Litecoin was able to soar from $60 to $100.

An important event in the history of cryptocurrency will be the August halving, as a result of which the reward for miners for mining a block will be reduced from 12.5 LTC to 6.25 LTC.

According to BitinfoCharts, on January 26, the LTC hashrate reached a historical maximum, but in early February, the capacities began to decline.

Today, the hashrate is 667.828 terahash per second. Analysts are predicting an increase in capacity in the coming days if Litecoin holds above $100.

Comments (No)

Leave a Reply