AnalysisCoin

As whales continue to accumulate LTC, Litecoin shows signs of life

According to a tweet from Santiment, an on-chain and social metrics analysis company, Litecoin (LTC) is gaining traction in the market, rising 5% against Bitcoin (BTC) in the previous few days.

The Price of Litecoin

Whale addresses holding between ten thousand and one million Litecoin were in a 15-week accumulation pattern, according to the Santiment tweet, the longest since 2017. In just 15 weeks, these addresses have increased the Litecoin supply by nearly 5%.

The price of Litecoin is currently $137.80, with a 24-hour trading volume of around $980 million. The current cryptocurrency price has increased by 3.75 percent in the last 24 hours. $LTC is the 22nd most valuable cryptocurrency globally, with a circulating supply of 69,403,257 coins and a live market worth of around $9.5 billion.

The bullish trend in Litecoin is expected to continue

While Litecoin’s market activity has recently slowed, the crypto’s price estimate for 2022 and beyond has been generally favorable. Late this year, market analysts estimated that Litecoin will hit $266 by the end of 2022 and may even reach $300 by 2025. They pointed out that the price of Litecoin has historically did not correlate with the price of Bitcoin.

Litecoin is expected to break into the top ten most valuable digital assets in terms of market value in the next several years. According to analysts, Bitcoin has always been one of the first crypto assets to be integrated into new lines such as Venmo and PayPal, implying that consumers will continue to trade $LTC due to its usability, continuing its bullish trend shortly.

Bitcoin’s value is increasing

In other developments, Bitcoin finally soared to its highest price point in the last seven days after a dismal start to 2022. After slipping below the $40,000 barrier a few days ago, the world’s most valuable coin was trading at $43,786 at the time of writing. Even if it has made minor advances this year, the BTC price is still down by more than 5%.

The price movements in Bitcoin and Litecoin follow the release of a report by the US Labor Department showing that the Consumer Price Index (CPI), a key inflation indicator, climbed to 7% in December last year, the highest level since Ronald Reagan was president.

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