Litecoin Price Bullish Momentum As Market Struggles

In every market crash there is usually one coin that manages to show resilience and Litecoin price appears to be judging by its latest performance.

Its performance especially in the last 24 hours confirmed that it remains one of the most attractive cryptocurrencies.

Although Litecoin has been experiencing drawdowns like most of its counterparts, it has also demonstrated a strong ability to bounce back.

This appears to be the case even with its latest pullback which saw it drop as low as $106.04.

LTC bulls were dominant in the last 24 hours, pushing up the price by 7.26% to its $119.81 at the time of writing.

This performance confirms that Litecoin is currently one of the most attractive coins for crypto investors.

LTC was only 11% away from its 3-month resistance level at the $139 price level.

The cryptocurrency has so far demonstrated bullish strength even in its ability to maintain most of its Q4 2024 gains.

Unlike most top cryptocurrencies which have given up most if not all of their gains during the same period.

Litecoin Whales Contribute to Price Strength

Whale activity was quite prominent in the latest crash, with many coins seeing sizable large holder outflows.

That may not have been the case for Litecoin price. On-chain data revealed that LTC whales did indeed cool down their movement as expected considering the prevailing FUD.

Despite the decline in whale activity, large holder flows remained positive for the most part.

Relatively low sell pressure means whales have been holding on to their LTC rather than selling.

This, combined with its resilience against more downside, may have provided the confidence boost for its latest recovery.

Another noteworthy observation is that Litecoin transaction volume maintained impressive momentum.

It even pushed higher than its highest point in 2024, in an impressive show of network health.

This may partly explain why LTC bulls have maintained their resilience.

However, one of the main reasons why Litecoin has outperformed most of its top rival cryptocurrencies is the ETF approval expectations.

LTC is one of the top candidates for ETF approvals and this could be one of the main reasons incentivizing holders to continue HODLing.

Litecoin Hash Rate Closes in on New ATH

Litecoin hash rate clocked an ATH at 2.45 PH/s on 17 February and is on track to set a higher record.

In other words, the Litecoin hash rate continues to push higher, a reflection of the growing state of network activity.

The hash rate hovered at 2.42 PH/S at the time of observation.

While it highlights the network’s higher computational capacity, some questions remain especially regarding LTC price action.

Can Litecoin price maintain its bullish bias for longer? And when will Litecoin secure the green light for ETFs?

There is growing optimism that approvals may come any day. This could be one of the main reasons why investors are opting to HODL LTC rather than bowing to market headwinds.