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Litecoin Whale Activity Surges, Fueling Speculation of Price Rally to $150

Key developments in the Litecoin ecosystem have attracted the attention of whales to the altcoin, as bulls prepare for a potential LTC price rally to $150.

Despite a recent pullback in the broader altcoin space, Litecoin’s native cryptocurrency, LTC, has demonstrated remarkable strength by surging past $105 on Tuesday, April 2nd. At present, LTC is trading 1.45% lower at $100.32, while maintaining a market cap of $7.461 billion. Additionally, Litecoin’s daily trading volume has surged to $1.34 billion.

According to on-chain data provided by Santiment, there has been a noticeable increase in activity within the altcoin space over the last 24 hours. During this period, Litecoin has notably outperformed its counterparts, exhibiting significantly higher transaction volume compared to the previous month. This surge in activity underscores the growing interest and engagement of investors in Litecoin.

Photo: Santiment

Furthermore, it is worth noting a substantial decrease in the average age of Litecoin investments. This trend likely indicates that LTC whales and significant holders have largely redistributed their balances, injecting them into circulation. Such significant whale activity may have bullish implications for Litecoin’s pricing dynamics and the Holders Composition indicator.

Litecoin’s recent surge in attention aligns with significant developments within its ecosystem.

This week, the US Commodity Futures Trading Commission (CFTC) officially designated Litecoin (LTC) as a commodity, alongside Ethereum (ETH). This recognition occurred within the context of an ongoing legal case involving the crypto exchange KuCoin, as highlighted in the complaint.

“KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).”

In addition, the introduction of Litecoin Futures by Coinbase Institutional has injected fresh confidence into traders. Meanwhile, developers remain committed to enhancing Litecoin’s capabilities and functionality with the ongoing development of Core v0.21.3.

A significant aspect of this upgrade is the integration of Mimble Wimble extension blocks (MWEB). This feature holds potential to significantly enhance Litecoin’s scalability and privacy. MWEB is a crucial component in bolstering transaction security, privacy, and overall reliability.

LTC Price Action

Market analysts have expressed bullish sentiment regarding the Litecoin (LTC) price, anticipating a rally to reach $150. Despite this optimism, there is recognition of potential major resistance at this target level.

Based on IntoTheBlock’s data, approximately 8.16 million LTCs are held across 590,000 addresses near the $150 level. A significant number of investors who acquired Litecoin in 2021 have opted to hold their coins, anticipating selling them as the price approaches their entry point. Consequently, Litecoin may encounter substantial selling pressure in the near future

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