Litecoin Surges with Record Ordinals and Price Uptick
Litecoin breaks its bearish trend as it reaches 25 million Ordinals inscriptions, accompanied by a 5% price increase and growing network activity.
Litecoin breaks its bearish trend as it reaches 25 million Ordinals inscriptions, accompanied by a 5% price increase and growing network activity.
Litecoin founder Charlie Lee discussed the cryptocurrency’s growth, adoption, and future prospects at Consensus 2024, highlighting its increasing popularity for payments and potential for an ETF.
Litecoin’s price has taken a bearish turn after breaking below a key support level of $82.40, with on-chain data indicating holders are losing interest and confidence in the token.
Litecoin price is at a critical juncture, facing resistance from a long-standing declining trend line. A breakdown below the $100 psychological level could trigger a correction towards $90 or lower, while a breakout above the trend line could propel LTC towards $119 or higher levels.
A prominent Litecoin holder has strategically redirected a substantial $250,000 investment to Algotech, an emerging decentralized algorithmic trading platform, amid bullish signals for Litecoin’s potential breakout.
A recent report by CoinShares revealed that crypto investment products experienced $206 million in outflows last week, with Bitcoin and Ethereum accounting for the majority of the outflows, while altcoins like Litecoin and Chainlink saw substantial inflows during the same period.
Factors affecting profitability, hardware considerations, the benefits of mining pools, and alternative ways to earn Litecoin without direct mining.
Litecoin has emerged as an outlier in the crypto market amid broader turmoil, with the CFTC’s classification of LTC as a commodity contributing to its bullish performance.
Litecoin (LTC) has witnessed a remarkable price surge, climbing 1.46% on March 22 to reach $86.80, driven by the upcoming launch of Litecoin futures contracts on Coinbase and the broader crypto market recovery.
Litecoin has displayed a positive trend recently, gaining 27.37% in the last 30 days. The medium-term trend for Litecoin has been bullish, with LTC increasing by 17.22% in the last 3 months.