Last week, Dogecoin (DOGE) enchanted investors with solid gains of over 100%, while the DOGE price rally took place against the backdrop of Elon Musk’s Twitter acquisition. Now, there’s another altcoin that has drastically stood out from the rest of the crypto market, Litecoin…
Litecoin (LTC) is trading with a price of $62.77 and a market cap of $4.4 billion, up 13.61%. On-chain data shows that LTC whale addresses have been growing steadily since May 27 after the crypto market correction. Moreover. The LTC/BTC trading pair has also gained 25% in the last five months. As on-chain data provider Santiment reports:
“Litecoin is currently in good standing and is temporarily leaving the crypto suite. We saw that the amount of addresses holding 1,000 LTC has increased rapidly since mid-June, and the price of LTC against BTC has increased by +51% since June 12.”
On Tuesday, November 2, global payments platform MoneyGram announced that it will allow users to buy, sell and store digital assets, including Bitcoin, Ether and Litecoin. This facility will be available in almost all US states and the District of Columbia.
Considering that MoneyGram has such a large worldwide footprint, this could be a big boost for Litecoin (LTC) adoption in particular. Litecoin founder Charlie Lee shared the news, adding:
”As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I’m extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks @Coinme for making this happen. P.S. Yes, Litecoin is still alive to answer the haters.”
As of now $64 seems like a resistance! A break above this could lead to a stronger rally. With the current price increase, LTC has recovered all its losses from the last three months. However, it continues to trade with more than 50% down from its ATH to date.