Litecoin (LTC), often called the "silver" to Bitcoin's "gold," has experienced a significant 14% surge in the past day, reaching $107. This increase could be due to various factors such as technical aspects, growing investor interest, and intentional accumulation by miners.

The price surge of LTC, now at $106.40, shows a 12% increase in the last 24 hours and a 40% rise since the beginning of the year. Trading volume has also spiked by 175%, indicating a rise in investor activity within the Litecoin market.

Many analysts are optimistic about a potential upward movement following a period of decline, with some predicting a price increase to surpass $150.

Litecoin miners have been steadily acquiring LTC during March, accumulating 150,000 LTC to reach a total of 2.2 million LTC. This strategy aims to reduce the downward pressure on newly minted coins and reveals miners' confidence in LTC's future price direction.

Additionally, the rise in open interest on Litecoin (LTC) futures contracts contributes to a positive outlook, signaling growing trader confidence in the coin's future trajectory.