Litecoin Sets New Open Interest Record Worth $761,000,000, LTC To $120?

Key Insights

• Litecoin has set a new record in open interest, reaching $761 Million.
• The number of LTC addresses that are in profit has now exceeded those at a loss and break-even points.
• Favorable sentiments remain that could push the LTC price to a new all-time high.

Litecoin (LTC) is gradually gaining momentum after months of consolidation. Litecoin has set a new record in Open Interest (OI), which climbed to $761 Million in 24 hours.

The LTC price also showed a bullish outlook, overcoming key resistance levels. With a market cap of $7.6 Billion, Litecoin is now the 21st-largest cryptocurrency.

Market participants, including analysts, anticipate that LTC will see higher prices this cycle, potentially reaching the $120 mark.

The Litecoin Open Interest Outlook

According to data from CoinGlass, Litecoin’s open interest has increased by 6.7% over the past 24 hours to $761 Million.

Based on the current price, Litecoin investors committed 7.63 million LTC to the futures open interest. This move suggests increasing confidence in the future price trajectory of LTC.

Essentially, open interest represents the number of contracts that have not been settled. When OI rises, it indicates more traders are entering the market and opening new positions.

Generally, higher open interest indicates increased market liquidity, as there are more contracts available for trading. This can reflect growing interest or speculation in the asset.

For Litecoin, the open interest increased in tandem with soaring prices. Within the past day, LTC has rallied 4.53%, with the price oscillating around $103.9 at press time.

Rising open interest, alongside increasing prices, often signals intense buying pressure and confidence in the upward trend.

As new long positions are created, traders anticipate the price to climb higher.

Notably, LTC has crossed $101 and $102. These levels are critical as they could trigger a breakout or signal a potential pullback if selling pressure resumes.

With the open interest aligning, Litecoin price may be on its way to setting up a new yearly ATH.

66.3% of Litecoin Addresses in Profit

Amid the latest price rally, the majority of LTC addresses are operating at a profit. IntoTheBlock data revealed that 50.9 million LTC addresses, valued at $5.08 billion, are “in the money.”

Most of the profit came from large holders, who represented 66.3% of the total addresses.

However, 15.2% of LTC wallet addresses, approximately 11.77 million, were “out of the money” or at a loss. In monetary terms, it translates to $1.17 billion.

The remaining 18.38% or 14.11 million Litecoin addresses neither profited nor recorded losses.

The fact that LTC has more holders in profit suggests that investors remained confident in the coin’s future.

Additionally, the LTC trading volume increased by 50.6% to $967 million, indicating a rise in investor interest in the coin.

Can Litecoin Price Hit $120 Soon?

Discussions about LTC have increased due to its astronomical growth in the past few days. LTC price has emerged as a leading altcoin candidate for the next rally phase.

Considering the improved sentiments, some analysts eye the $120 mark in the long term. However, the road to $120 depends on LTC’s ability to overcome volatility and key resistance.

The eventual approval of a Litecoin-based spot Exchange-Traded Fund (ETF) could fuel more price growth.

In January, investment management firm Canary Capital submitted applications with the US Securities and Exchange Commission (SEC) to launch a Litecoin ETF.

If approved, the ETF will make it easier for investors to gain exposure to LTC without having to own the coin directly. This broader accessibility can increase demand, further pushing prices higher.

Commenting on the potential of LTC, Grayscale Executive John Hoffman expressed confidence in the asset’s future. He said Litecoin will see more interest from investors due to its attributes.

While he did not share more details, his statements highlighted a comparison with Bitcoin regarding low-correlation assets.