Litecoin (LTC) experienced a 3% drop in its 24-hour price on Friday morning, trading around $67.80 and trimming its recent gains to around 7% in the last week. Despite seeing a spike in on-chain activity, the cryptocurrency has so far been unable to overcome the psychological $100 resistance level.
The total crypto market capitalization stands at $1.3 trillion, a 1.5% decrease in the past 24 hours, with Bitcoin hovering just above $34,000. Most altcoins have also struggled to hold onto their recent gains.
Santiment, a market intelligence platform, reported on X that Litecoin has experienced a rapid increase in on-chain movement, with address activity and whale transactions at levels last seen in June. Additionally, dormant LTC suddenly saw a big spike, usually indicative of more coins beginning to circulate.
The overall outlook for the crypto market looks bullish, with investors eyeing a massive bull market in 2024. Will this be the same for Litecoin price?
Although the Bitcoin market is optimistic, the possibility of a sell-off due to the sudden spike in dormant coins could see Litecoin price retreat further, with bears targeting key support zones in the $60-50 region.
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Categories: Cryptocurrency, Litecoin, Bitcoin
Tags: Altcoin, On-chain, Whale Transactions, Address Activity, Dormant Coins, Selling Pressure
