Litecoin Sustains 4-Month Run With 37% Gain, Beating Most Of Its Peers – Details

With its latest break above the $74 barrier, Litecoin (LTC) is showing encouraging signs of a breakout into the bull market. Increased transaction activity from miners and major investors in cryptocurrency is fueling expectations of an upward trend and suggests that a huge price spike is imminent.

Timeline of Litecoin

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Litecoin price has held the $70 territory for the last 3 consecutive days, for the first time since August. On-chain analysis pinpoints the critical drives behind the ongoing Litecoin price rally.

Litecoin (LTC) shows signs of a potential bullish rebound in the coming days. Recent crypto market data indicates that Litecoin's price has increased by nearly 14 percent since October 18, and it is now trading at around $67 as of Friday.

Litecoin (LTC) price briefly retested the $70 territory on Monday, as the bulls continue to power a recovery from the 2023 bottom of $58 recorded mid-last month. Key on-chain indicators provide data-driven insights into where LTC price could head next.

In the months leading up to the Litecoin halving in August, the price of the blockchain's native LTC token was continuously on the rise. This renewed interest in investors who rushed back into the token and eventually pushed its price above $100.

On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million. Litecoin Long-Term Holders Have Continued To Rise In Number Recently According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week.

Litecoin (LTC) price has stagnated within the $65 – $68 territory after failing to break above $70 during the mild price bounce earlier this week. With whale investors now closing their positions, on-chain analysis explores LTC price prospects for the coming weeks.

Last week, Litecoin (LTC) slid to a 2023 bottom of $56, culminating in a third consecutive post-halving crash. Can Grayscale's landmark victory propel Litecoin price toward reclaiming the post-halving losses?

The mean coin age of LTC has been climbing higher since late June. Even after the recent losses in the price, this metric continued to climb higher, which signaled a network-wide accumulation of Litecoin.

In a refreshing ruling on August 29, the United States District of Columbia Court of Appeals said the stringent Securities and Exchange Commission (SEC) was, after all, wrong in denying Grayscale to convert their over-the-counter (OTC) Bitcoin Trust (GBTC) into a Bitcoin spot exchange-traded fund (ETF). The regulator had previously barred the conversion of the GBTC to an ETF, citing an alleged absence of measures to prevent price manipulation, forcing Grayscale to sue.