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Blockchain News

Litecoin: Mammoth Partnership and Shark Accumulation see LTC Spike

Litecoin [LTC] and Mastercard have announced a collaboration to launch the Litecoin Mastercard in the United Kingdom and Europe. While making the announcement on 30 January, a post demonstrated that it will construct a payment bridge between cryptocurrency and traditional finance (TradFi). The news was positively received by investors.

Furthermore, addresses owning 100-10,000 LTCs, known as sharks, boosted their holdings prior to the Litecoin price boom. According to sentiment data, the addresses donated 1.15M more coins, or 4.92% more coins, during the previous six months.

This triggered a price rise, propelling the value of LTC to a high last seen in May 2022.

The cooperation with Mastercard, a well-known payment service, is a significant step toward the adoption and use of Litecoin in everyday transactions. The introduction of Litecoin into Mastercard’s network will broaden the cryptocurrency’s reach and use cases, as well as provide additional opportunities for retailers and businesses to accept Litecoin as payment.

This link may drive sharks to expand their stockpile. Furthermore, other Sharks’ attempts in connection with this collaboration may increase the value of LTC.

The 30 and 365-day Market Value to Realized Value (MVRV) of Litecoin (LTC) may assist one evaluate how lucrative or unsuccessful the cryptocurrency has been. As of this writing, the 30-day MVRV revealed that LTC was generating a profit of 10.24%.

When the longer MVRV was considered, LTC was more lucrative. As of this writing, the 365-day MVRV was 32.97%.

Furthermore, at the time of writing, Litecoin was up more than 2%, trading at around $93.5. Over the past trading session, the asset fell by more than 3%. On a daily basis, LTC was on an uptrend and had grown by more than 50% to its current price.

According to the Relative Strength Index line, LTC was still in a bull trend and showed indicators of continuing the trend.

 

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