Litecoin Price Rises

Litecoin (LTC) reached its highest level in two weeks by rising, unlike the general cryptocurrency market. On March 27, LTC showed an increase of 9.25% and reached 99 dollars. However, since the beginning of the year, a graph that is below the overall cryptocurrency market performance has been observed. Reason for the Rise of LTC The recent rise of Litecoin is associated with the return of large amounts of LTC that have been inactive for a long time to the market. According to Glassnode data, on March 5, the re-entry of more than 600,000 LTC untouched for 5 years was observed. LTC is showing a significant recovery by absorbing this sudden flow and the recent rise is evaluated as part of this recovery. Before the bull run in 2017, a similar revitalization was experienced, and the LTC price reached its historical peak at that time. The current situation of LTC […]

Litecoin Price Rises

Litecoin (LTC) reached its highest level in two weeks by rising, unlike the general cryptocurrency market. On March 27, LTC showed an increase of 9.25% and reached 99 dollars. However, since the beginning of the year, a graph that is below the overall cryptocurrency market performance has been observed.

Reason for the Rise of LTC

The recent rise of Litecoin is associated with the return of large amounts of LTC that have been inactive for a long time to the market. According to Glassnode data, on March 5, the re-entry of more than 600,000 LTC untouched for 5 years was observed. LTC is showing a significant recovery by absorbing this sudden flow and the recent rise is evaluated as part of this recovery.

Before the bull run in 2017, a similar revitalization was experienced, and the LTC price reached its historical peak at that time. The current situation of LTC is reminiscent of this historical rise and indicates a similar potential for increase.

Litecoin and Futures Contracts

LTC’s price movement is influenced by expectations of the launch of Coinbase’s cash-settled Litecoin futures contracts in April. Coinbase Futures plans to launch futures contracts for other cryptocurrencies as well as Litecoin.

Products such as these futures contracts have facilitated the entry of institutional investors into the market, particularly after the launch of Bitcoin futures contracts in 2017. One of the underlying reasons for Litecoin’s recent price gains may be these expectations.

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