Litecoin (LTC) shows signs of recovery after a prolonged consolidation period, setting a new open interest record at $761 million.
Litecoin Open Interest Overview
In the past 24 hours, Litecoin's open interest increased by 6.7% to reach $761 million according to CoinGlass. This indicates that investors committed 7.63 million LTC to futures open interest, reflecting growing confidence in LTC's future price direction. Generally, rising open interest suggests increased market liquidity and heightened interest in the asset. Currently, LTC has risen by 4.53%, trading around $103.9.
66.3% of Litecoin Addresses in Profit
Data from IntoTheBlock indicates that most LTC addresses are currently in profit. 50.9 million LTC addresses, valued at $5.08 billion, are "in the money." Only 15.2% of addresses, approximately 11.77 million, are showing losses. This suggests a high level of investor confidence in Litecoin's future. Additionally, LTC trading volume increased by 50.6% to $967 million.
Can Litecoin Price Hit $120?
Given the recent price surge and positive sentiment surrounding LTC, some analysts predict that the price could reach the $120 mark in the near future. However, achieving this goal depends on LTC's ability to overcome volatility and key resistance levels. The approval of a Litecoin-based ETF could also contribute to further price growth by making the asset more accessible to investors.
The rising open interest and increasing number of Litecoin addresses in profit indicate positive market sentiment. If Litecoin can overcome key resistance levels, its price may soar to new heights.
