Litecoin price spikes to 7-month high as dormant coins move

Litecoin (LTC/USD) has soared more than 9% in the past 24 hours, trading as high as $84.97 on US cryptocurrency exchange Coinbase early Monday. The upside brought LTC price to its highest level in seven months, on-chain data platform Santiment highlighted in a tweet.

Indeed, the buy pressure for the digital silver makes it the biggest gainer among the top 20 coins based on current market capitalization. CoinGecko data ranks Litecoin 13^th with a market cap of $5.9 billion. The two next biggest gainers are Shiba Inu in 14^th and Solana in 17^th spot, which have seen an increase of 5.8% and 4.2% respectively as of writing

Why Litecoin price is spiking

In late November, Invezz reported on Litecoin price’s sudden jump above $80, which Santiment attributed to increased accumulation of LTC by shark addresses.

Now on-chain data suggest a spike in the number of dormant tokens on the move, the largest in four years.

“Litecoin jumped above $83 on a big +8% surge in just an hour while the rest of the markets have been relatively quiet. 3 weeks ago, @santimentfeed measured the largest amount of dormant tokens being moved in 4 years. $LTC’s price has jumped +47% since.”

LTC price is also surging amid the Litecoin network’s hashrate jump to a new all-time high. Over the past few weeks, the hashrate has hovered above 550 terahashes per second (TH/s). However, as we highlighted here, it spiked to 626.75 HT/s over the weekend.