Litecoin has seen bullish price actions since last month, with the altcoin recording a more than 25% surge. Moreover, the token saw consistent growth within the previous month as the overall market saw improved cues.
Increased whale interest over the latest sessions contributed to LTC’s significant growth. Whale interest has increased steadily since the steep lows of July 26, and the price followed. Though it’s an optimistic highlight, a massive correlation between whale action and price might make the token susceptible to a pump & dump.
Though a surge in wallets with $10M remains a lucrative signal, there’s a need for more stability indicators for the token’s growth. Luckily, the blockchain sees an increasing number of new addresses registering. Litecoin’s 150M unique addresses have the alt ranking behind BTC and ETH, making it a lucrative asset.
Besides the support from on-chain metrics and price, Litecoin seems to enjoy approval by the Canadian government.
An unprecedented event saw the Canadian Authority caping retail expenditure crypto investor, restricting them to CAD 30,000. The only exemptions are BTC, ETH, LTC, and BCH. Meanwhile, Litecoin is chilling with the ‘big boys.’
The approval by the Canadian government can lead to increased investor faith in the alt. The news also triggered interest in LTC on social media networks.
Considering the ever-soaring Litecoin hype and partnerships with leading companies such as PayPal, LTC’s future remains impressive at the moment. However, Litecoin enthusiasts should watch the overall market cues for lucrative decisions.
Bears controlled the crypto space during this publication. The crypto market saw massive bearish falls into the weekend. For instance, Bitcoin has lost 8.37% within the last day to trade at $21,530. The bearish wave emerged after the dominance crypto failed to overcome the hurdle at $25K.
Also, the global crypto market capitalization reflects today’s downbeat mood. While writing these lines, the index stayed at $1.03 trillion, dropping more than 7.8% within the past 24 hours. Meanwhile, the market volume gained 22.87% within that timeframe to $81.57 billion.
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