Litecoin Has Entered The Top 20, Has Gained Over 28% Over The Past Week, and This is Why

Litecoin (LTC) was going for $68.65 and had a 24-hour trading activity of $1,400,844,453. Over the past 24 hours, the token's price has dropped by 1.59%. With a current valuation of $4,912,922,846, the cryptocurrency is placed #19 on CoinMarketCap.

Litecoin had a price of $51.18 on October 21. The currency dropped 74% in the last year and 65% year to date as a result of the general crypto market collapse, like many other cryptocurrencies. Bitcoin, in contrast, has decreased by around 69% over the past year and by 59% so far this year.

Litecoin's price has fallen by 54.39% since it started trading in 2022 at $150.80. The LTC price is $68.65 at the time of writing, up 0.76% from the recent trading day.

On November 1, the price of Litecoin increased by around 8% as a result of MoneyGram's decision to allow customers to keep and sell a variety of cryptocurrencies on its app. Users of Moneygram can buy, sell, and store Litecoin as well as Bitcoin and Ethereum. The revelation did not affect Bitcoin and Ethereum in the exact way it impacted Litecoin because they have considerably larger market caps and fan bases than Litecoin.

Moneygram stated that users can buy, trade, and hold Litecoin and other cryptocurrencies in practically all US states and the District of Columbia. Because of this, Litecoin has recently distanced itself from other cryptocurrencies and achieved a significant rally against Bitcoin.

After briefly disconnecting from the cryptocurrency market, Litecoin's price is currently on the rise. The amount of accounts holding 1,000 LTC or more has increased for the cryptocurrency. 314 new whale addresses have been introduced to Litecoin; these wallets store significant amounts of LTC and help to significantly improve on-chain activity.

After months of stabilization near the $55 level, the price of has recently begun to fluctuate. The important resistance level of $60, which has previously prevented a breakthrough, has been passed by the price of litecoin.

In addition to the price increase, the mining difficulty for Litecoin recently reached an all-time high, hitting at slightly under 18 million hashes. The incident was covered by Blockchian.News on November 6. As more miners join the cryptocurrency network in an effort to profit from the increasing mining difficulty of Litecoin, the level of competition increases.

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