See More

Litecoin Tops $100 in 9-Month High as LTC Accumulation Continues

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Litecoin 'sharks' have been accumulating for weeks.
  • Litecoin recently landed partnerships with Unbanked and Mastercard.
  • LTC prices hit a 9-month high of over $100.
  • promo

Litecoin prices have reached a major psychological level at three figures. Meanwhile, accumulation has continued for the ‘silver to Bitcoin’s gold.’

Litecoin has finally cracked the $100 price level posting its highest price for nine months during the early hours of Feb. 2.

According to analytics firm Santiment, there has been a great deal of LTC accumulation in recent months.

The ‘shark’ cohort has been accumulating Litecoin since the end of December. Shark wallets contain between 100 and 10,000 LTC, and those above are whales.

Santiment also noted that nearly 0.5% of the entire supply of Litecoin has been added to these wallets over the past seven weeks. As a result, LTC is back at prices not seen since May 2022.

Litecoin Mastercard Partnership

Recent momentum has been driven by a new partnership announcement for Litecoin. On Jan. 30, the Litecoin Foundation announced that it had teamed up with Unbanked and Mastercard. A new Litecoin Card program is now available to residents in the U.K. and Europe, it revealed.

Litecoin founder Charlie Lee said:

“Unbanked has been a fantastic partner who delivered a LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further.”

Analysts are looking back to LTC’s performance in the run-up to its previous halving event. The next Litecoin halving is due on Aug. 3, 2023, just 181 days away, according to the countdown.

Popular crypto trader ‘Satoshi Flipper’ posted a chart predicting where LTC prices may go if history rhymes. A pump similar to that before the last halving could see prices surge to around $180 over the next few months.

Price Outlook

Litecoin topped $100 during the Thursday morning Asian trading session. The ‘silver to Bitcoin’s gold’ hit a nine-month high of $102.34 before a slight retreat. At the time of press, LTC was trading just above $100 in a 3.5% gain on the day.

LTC Price Chart by BeInCrypto
LTC Price Chart by BeInCrypto

Furthermore, LTC has outperformed its crypto brethren over the past two weeks, adding 22% while most others have consolidated. The next major resistance zone lies at around $130, a price last visited in March 2022.

However, the asset is still down 75.4% from its May 2021 all-time high of $410.

Top crypto projects in the US | May 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored