Litecoin: Mammoth partnership and shark accumulation sees LTC spike

  • Litecoin announced partnership with Mastercard to provide Litecoin Mastercard in the UK and Europe.
  • Sharks have increased their holdings by over 4% as price rallies.

Litecoin [LTC] and Mastercard have announced a partnership, which would introduce the Litecoin Mastercard in the UK and Europe. A post on 30 January, while making the announcement, demonstrated that it would build a payment bridge between cryptocurrencies and traditional finance (TradFi). Investors reacted well to the news.

Read Litecoin’s [LTC] Price Prediction 2023-24

Sharks and partnership might cause more rally 

Additionally, addresses holding 100–10,000 LTCs, known as sharks, increased their accumulation before the price surge of Litecoin. Santiment’s data showed that the addresses had contributed 1.15M more coins, or 4.92% more coins, over the last six months.

This catalyzed a price surge that drove the value of LTC to a peak it last experienced in May 2022.

Litecoin (LTC) sharks transactions

Source: Santiment

The collaboration with Mastercard, a well-known payment provider, is a big step toward Litecoin’s acceptance and use in regular transactions. The expansion of Litecoin’s reach and use cases will result from the cryptocurrency’s inclusion into Mastercard’s network, which will also present new chances for merchants and companies to accept Litecoin as payment.

Sharks may be encouraged to increase their accumulation via this relationship. Moreover, additional Sharks endeavors, in conjunction with this cooperation, could raise the value of LTC.

Long term vs short-term MVRV 

Looking at Litecoin’s (LTC) 30 and 365-day Market Value to Realized Value (MVRV) may help one understand how profitable or unsuccessful the cryptocurrency has been. The 30-day MVRV indicated that LTC was making a profit of 10.24% as of this writing.

LTC, however, was more profitable when the longer MVRV was considered. The 365-day MVRV was 32.97% as of this writing.

Litecoin MVRV

Source: Santiment

How much are 1,10,100 LTCs worth today

The LTC rally

Furthermore, Litecoin was up over 2% as of the time of writing, trading at about $93.5. The asset lost over 3% over the last trading session. On a daily time scale, LTC was on an uptrend and had risen by over 50% to its present price.

LTC was still in a bull trend and showed signs of continuing the trend, according to the Relative Strength Index line.

Litecoin (LTC) price move

Source: Trading View