Blockchain News

Litecoin Tops $100 in 9-Month High as LTC Accumulation Continues

Litecoin prices have surpassed a significant psychological threshold of three digits. Meanwhile, the “silver to Bitcoin’s gold” has continued to rise in value.

Litecoin has finally broken above the $100 price barrier, reaching its highest level in nine months in the early hours of February 2.

According to Santiment, there has been a significant increase in LTC accumulation in recent months.

Since the end of December, the “shark” cohort has been acquiring Litecoin. Shark wallets hold between 100 and 10,000 LTC, whereas whale wallets hold more than 10,000 LTC.

Sentiment further stated that roughly 0.5% of the total supply of Litecoin had been added to these wallets during the last seven weeks. As a result, LTC has returned to levels not seen since May 2022.

A new partnership announcement for Litecoin has fueled recent excitement. The Litecoin Foundation announced a collaboration with Unbanked and Mastercard on January 30. In addition, it was reported that a new Litecoin Card scheme is now available to people in the United Kingdom and Europe.

Charlie Lee, the creator of Litecoin, stated:

“Unbanked has been a fantastic partner who delivered an LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further.”

Analysts are looking back at LTC’s performance before its previous halving event. According to the countdown, the next Litecoin halving is scheduled for August 3, 2023, which is only 181 days away.

Famous cryptocurrency trader ‘Satoshi Flipper’ published a graphic projecting where LTC prices would go if history repeated itself. A pump similar to the one seen before the last halving may see prices rise to approximately $180 in the coming months.

Litecoin reached $100 during the Asian trading session on Thursday morning. The “silver to Bitcoin’s gold” reached a nine-month high of $102.34 before falling slightly. LTC was trading slightly above $100 at the time of publication, up 3.5% on the day.

Furthermore, LTC has outpaced its crypto peers during the last two weeks, adding 22% while most others have consolidated. The next significant resistance zone is around $130, a price last seen in March 2022.

However, the asset was still down 75.4% from its all-time high of $410 in May 2021.


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