Litecoin Is Back In Action Moving Past $83

Litecoin has once again swung into action recently with the LTC price jumping more than 8.5% in the last 24 hours. As of press time, LTC is trading at a price of $83.14 and a market cap of $5.9 billion.

On the technical chart, Litecoin has given a clear accumulation breakout which could further lead to the LTC price surge to $90 and more.

#Litecoin

Clear accumulation breakout with retest and consolidation above. EMAs are bullish.

This thing can push to $90+ pretty quickly once momentum gets going. pic.twitter.com/uCS6QUcF5z

— Nebraskangooner (@Nebraskangooner) November 30, 2022

Litecoin has been one of the top-performing altcoins over the last month taking the entire crypto space by a surprise. LTC is up by more than 20% on the monthly chart and more than 30% up on a three-month chart.

Interestingly, while Bitcoin, Ethereum, and other altcoins have been under selling pressure and a downward trajectory, Litecoin has delivered an excellent performance with strong gains.

On-chain Data: Litecoin Wallet Addresses on the Rise

The on-chain data shows that the Litecoin wallet addresses have been on the rise supporting the LTC price surge. On Sunday, December 4, the Litecoin Foundation tweeted:

“On-chain data shows the number of #Litecoin wallet addresses continues to grow at a steady pace. From the beginning of the year, the number was approximately 117 million wallets. Now, there are 162 million LTC wallets and growing”.

On the other hand, the Litecoin network continues to hit some important milestones. As per data, more than a trillion dollars have been moved on the Litecoin network since its inception. An official update from Litecoin notes:

The current global #Litecoin hashrate is 613.81TH/s at block height 2,380,689 with a difficulty of 19,865,123.41.

As we know, the Litecoin team has also been working actively on the upgrade of its Mimblewimble protocol that promises strong privacy, security, and scalability features. With its recent performance, Litecoin has been on the radar of crypto traders and challenging some top altcoins for a spot in the top-ten crypto list. Can Litecoin (LTC) price hit $100 before the end of 2022?

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.