Litecoin (LTC) Jumps 19%: What’s Behind The Rally?
Summary
Litecoin has surged over 19% in the past day, surpassing the $120 price mark, while the overall cryptocurrency market has also shown recovery. Only XRP and Hedera have matched Litecoin's performance in the last 24 hours. Despite this daily gain, Litecoin's weekly profit stands at 16%, lagging behind many other cryptocurrencies. On-chain data indicates that significant buying activity from Litecoin sharks and whales, defined as holders of 10,000 LTC or more, has contributed to this rally. These large investors have accumulated approximately 250,000 LTC (around $30 million) in the past week. Continued accumulation by these groups may signal further bullish trends for Litecoin, while a decline could indicate bearish conditions.
