Litecoin (LTC) posted impressive numbers in on-chain performance this week amid the fading turbulence in the cryptocurrency market. In a week that saw Bitcoin’s price tumble below the psychological $100,000 level to exchange briefly at $99,600, LTC has soared in key on-chain metrics.
Litecoin decouples from altcoin pack amid whale accumulation
As highlighted by Santiment, a blockchain analytics platform, Litecoin is outperforming most of the altcoins in the crypto market. Notably, LTC’s upsurge saw it breach the $100 resistance level, with the coin trading above it for a while on Nov. 7.
The uptick came as Litecoin decoupled from other altcoins and outperformed assets like Ethereum, Solana, XRP and others. This saw Litecoin change hands at over $102, a jump of over 16.2% in a single day.
⚡️ Litecoin has decoupled above the already roaring altcoin pack to end the week, jumping +16.2% Friday and returning above $102. The strongest arguments the rally can continue are:
🐳 +6% More 100K+ $LTC wallets (whales) in 3 months
💸 ATH of $15.1B in daily on-chain volume pic.twitter.com/wO59tc16cR
The coin climbed from a low of $86.10 to hit a peak of $104.46 within 24 hours as investors actively engaged the asset with rekindled interest.
As of this writing, there has been a slight correction, and Litecoin currently changes hands at $98.86, which represents an 11.26% increase in the last 24 hours. Trading volume remains high by 190.03% at $1.73 billion within the same time frame.
Despite the slight correction, market participants remain bullish on a continued rally amid positive indicators. Primarily, Litecoin wallets with over 100,000 LTC have recorded a more than 6% spike in the last 90 days.
The increase in the number of Litecoin whales suggests that these large holders are accumulating LTC, which could impact the coin positively.
Interestingly, the increased engagement from large holders pushed daily on-chain volume to a new all-time high (ATH). Litecoin hit a record ATH of $15.1 billion in daily transaction volume, signaling that both whales and retail traders doubled down on accumulation.
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The figures reflect growth in investor interest and network usage, while the broader market sentiment in the crypto space was cautious.
Can Litecoin reclaim $130 amid exchange expansion?
It is worth noting that Litecoin is still far from the levels it exchanged at about 30 days ago, in October. At the time, LTC traded above $130 per coin. Investors might be in the current accumulation as they anticipate that the asset could reclaim higher levels amid renewed interest.
The uptick in daily volume could also be a result of Coinbase’s expansion to U.K. users with Litecoin in the spotlight. The exchange made a recent expansion move to users in the U.K. as part of its plans to extend its services to the European market.
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