Litecoin (LTC/USD) has soared greater than 9% prior to now 24 hours, buying and selling as excessive as $84.97 on US cryptocurrency alternate Coinbase early Monday. The upside introduced LTC value to its highest stage in seven months, on-chain information platform Santiment highlighted in a tweet.
Certainly, the purchase stress for the digital silver makes it the most important gainer among the many high 20 cash primarily based on present market capitalization. CoinGecko information ranks Litecoin thirteenth with a market cap of $5.9 billion. The 2 subsequent largest gainers are Shiba Inu in 14th and Solana in seventeenth spot, which have seen a rise of 5.8% and 4.2% respectively as of writing
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Why Litecoin value is spiking
In late November, Invezz reported on Litecoin value’s sudden leap above $80, which Santiment attributed to elevated accumulation of LTC by shark addresses.
Now on-chain information recommend a spike within the variety of dormant tokens on the transfer, the most important in 4 years.
“Litecoin jumped above $83 on a giant +8% surge in simply an hour whereas the remainder of the markets have been comparatively quiet. 3 weeks in the past, @santimentfeed measured the most important quantity of dormant tokens being moved in 4 years. $LTC’s value has jumped +47% since.”
LTC value can also be surging amid the Litecoin community’s hashrate leap to a brand new all-time excessive. Over the previous few weeks, the hashrate has hovered above 550 terahashes per second (TH/s). Nevertheless, as we highlighted right here, it spiked to 626.75 HT/s over the weekend.