Litecoin shows it still has fuel left with a 20% pump in the last 48 hours
Following the Bitcoin and cryptocurrency market rally, classic altcoins like Ethereum, Litecoin and Cardano have faced strong positive price action. For Litecoin, the last 48 hours have become the most productive of the last 80 days.
Litecoin price skyrockets
In the last 48 hours, the “silver of the cryptocurrency market” has moved past $240 for the first time in 200 days. Previously, on September 13, Litecoin tested the resistance of $ 240, but then quickly fell back. The explosive growth was tied to a false rumor about Walmart accepting Litecoin payments, which were then quickly debunked.
Currently, daily growth remains at 7%, with the coin rising from $ 228 to $ 245. The market has not yet decided if LTC going to retrace from there or continue its growth but, in the last six hours, prices have been consolidating at the local top without testing the next major resistance, $250.
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Data on the Litecoin chain suggests that most of the major resistances (in terms of orders) have already been overtaken by the price. The strongest selling volume has been present at $212, according to data from IntoTheBlock.
With prices rising significantly, nearly 20% of Litecoin holders have entered the “In the Money” zone or are now holding their coins with unrealized profit.
In addition to the market data, Litecoin circulation has decoupled from Ethereum and moved forward, reaching 1.25 million tokens per day. Price growth is almost always followed by an increase in network activity, indicating that more traders or investors are buying or removing their assets from the exchanges.
