Why is Litecoin going up?
- The price of Litecoin (LTC) has risen by 41.5% in the past month.
- At press time, LTC was trading at $78.13 up 2% in the past 24 hours.
- Famous trader John Bollinger recently said that Litecoin (LTC) has “woken up.”
The price of Litecoin (LTC/USD) had been on a bullish trend for the past few weeks. In overall, Litecoin has risen by about 41.5% over the past month. The past two weeks have been the most active for the cryptocurrency since it has gained 35% in 14 days.
It is worth noting that the price of Litecoin has been surging while that of the majority of popular cryptocurrencies like Bitcoin (BTC/USD) struggle to get a footing in the current crypto winter. But why is the LTC price surging? In this post, we shall delve into the possible reasons why the Litecoin price is rising.
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Why the price of Litecoin is rising?
Interestingly, there is no major news about Litecoin that can be attributed to the current Litecoin price rise. The cryptocurrency, which is one of the oldest altcoins seems to be naturally exceedingly well, especially at a time when a majority of other coins are struggling.
Prior to last week’s rally, however, there were large addresses that accumulated more than $40 million worth of LTC coins within two weeks; something that would have triggered a sudden interest in the altcoin and subsequently the huge price surge in the past two weeks.
Also, earlier this month, Texas-based money transfer giant MoneyGram allowed its customers to buy and sell Litecoin on its mobile app.
In a tweet Last month, John Bollinger, who is best known for the Bollinger Bands indicator, said he had spotted a squeeze on the Litecoin chart and was pondering over it.