Litecoin (LTC), the 19th largest cryptocurrency globally by market cap, is witnessing a significant price surge, pushing its market cap to $4.9 billion. This article examines the key indicators that have attracted investor attention and may point to further growth.
Key Growth Indicators
In the past 24 hours, Litecoin's spot trading volume showcased a 40% growth, reaching $410.08 million. This signifies increased market activity. The volume-to-market cap ratio of 24 hours increased to 8.09%, indicating higher liquidity.
Long-term LTC Price Forecast
Litecoin recently showcased growth in Grayscale Investments Holdings, reaching a high of 1.84 million. According to IXFI, active addresses in the Litecoin network surged from 327.72K to 434.75K in a single day, indicating growing trading and investing activities in the asset.
Short-term LTC Price Forecast
On the daily chart, LTC price reached a new yearly high of $112 by April 1, 2024. However, by August 5, the price had dipped to $49.90. In the last two weeks, LTC prices have increased by more than 32%, trading at $65.48 with a nearly 4% intraday growth.
Technical analysis shows that Litecoin is demonstrating positive momentum. Long-term and short-term targets may be achieved if current market conditions persist.
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