Litecoin re-claims May 2022 highs due to its 37% rally

Lavina Daryanani
Source: Forbes

The past few weeks were characterized by consolidations and horizontal price movements. As a result, trends on assets’ charts had been quite monotonous. The state of affairs have, however, completely flipped over the past day.

Litecoin, for instance, went on to register two successive long green candles on the daily. From yesterday’s low of $61.07, the asset’s price went on to claim $83.66, noting a 36.99% increase in value.

Post noting brief retracement from the said highs, the 13th-ranked cryptocurrency was trading at $79 at press time. As illustrated below, the current levels were last registered by Litecoin back in May 2022 before this.

LTC/USDT | Source: TradingView

What fuelled Litecoin’s surge?

Data from Santiment brought to light that addresses HODLing 1k-1000k of LTC have increased their supply as of late. The same currently stands at a seven-month high. In fact, they have collectively added $43.4 million worth of the asset in just the past two weeks.

Thus, the recent price surge can be attributed to the accumulation trend. Elucidating on the same, Santiment’s tweet noted,

Litecoin’s price surge may have shocked some of you, but the large address accumulation has been the key to watch.

Source: Santiment

Alongside receiving support from buyers, the asset’s correlation with the largest cryptocurrency has assisted in its rally. Over the past day, Bitcoin managed to reclaim $16.5k. By following the same uptrend path, Litecoin yet again proved that it is the “silver to Bitcoin’s gold” in the truest essence.

In fact, LTC was not the “lone wolf howling”. An entire pack of historically closely-knit coins —mostly forked-versions and historically older coins — have fared better than others and fetched their investors double digit gains over the past day.

With Ethereum re-claiming $1.1k, Ethereum Classic managed to register a 12.97% uptick in the past 24-hours. Alongside, one of Bitcoin’s forked version, Bitcoin Cash, was up by 10.6% to $119.9 from its daily low of $108.4.