Litecoin (LTC/USD) has soared more than 9% in the past 24 hours, trading as high as $84.97 on US cryptocurrency exchange Coinbase early Monday. The upside brought LTC price to its highest level in seven months, on-chain data platform Santiment highlighted in a tweet.
Indeed, the buy pressure for the digital silver makes it the biggest gainer among the top 20 coins based on current market capitalization. CoinGecko data ranks Litecoin 13th with a market cap of $5.9 billion. The two next biggest gainers are Shiba Inu in 14th and Solana in 17th spot, which have seen an increase of 5.8% and 4.2% respectively as of writing
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Why Litecoin price is spiking
In late November, Invezz reported on Litecoin price’s sudden jump above $80, which Santiment attributed to increased accumulation of LTC by shark addresses.
Now on-chain data suggest a spike in the number of dormant tokens on the move, the largest in four years.
“Litecoin jumped above $83 on a big +8% surge in just an hour while the rest of the markets have been relatively quiet. 3 weeks ago, @santimentfeed measured the largest amount of dormant tokens being moved in 4 years. $LTC’s price has jumped +47% since.”
LTC price is also surging amid the Litecoin network’s hashrate jump to a new all-time high. Over the past few weeks, the hashrate has hovered above 550 terahashes per second (TH/s). However, as we highlighted here, it spiked to 626.75 HT/s over the weekend.
Source: https://invezz.com/news/2022/12/05/litecoin-price-spikes-to-7-month-high-as-dormant-coins-move/