Litecoin has surged by 89% since its dip below $50 last November
Litecoin (LTC) has seen a substantial increase in value following the FTX-induced drop last November. It has so far rallied by 89% since dipping below $50 on Nov. 9 in the wake of the FTX implosion. The asset is currently on track to reclaim highs witnessed before the Terra collapse.
LTC has been silently bucking the trend
Litecoin was one of the least affected assets by the FTX debacle of November 2022. It dipped by 31% to a 4-month low of $49.58 on Nov. 9 and immediately staged a comeback against the bears, which saw it appreciate by over 64% to a 6-month high of $81.52 by Nov. 23 when other assets were still testing lower lows.
Following a consolidation period in December, the asset found new support from the latest market-wide rally that ensued this month, leading to a high of $96.58 on Jan. 29. Santiment recently highlighted this bullish price movement from the second oldest mainstream cryptocurrency, noting that it has appreciated by over 89% since the drop on Nov. 9.
Santiment ascribed the propitious trend to an accumulation campaign by shark addresses (holding 100 to 10,000 LTC) since December of last year. According to a chart from the behavior analytics platform, these addresses have cumulatively added 1.15 million more LTC to their bags since last July, leading to a 4.92% increase in their total holdings.
Moreover, following a dip in litecoin’s value in December, the accumulation campaign picked up significantly, as these shark addresses cupped almost 0.5% of the asset’s supply in 7 weeks. Consequently, they now collectively hold 24.79% of the supply after a recent distribution trend. Santiment also called attention to a resurgence of whale activity last week.
Litecoin price action
Meanwhile, litecoin is changing hands at $94.82 as of press time, up 4.6% in the past week. Due to a corresponding surge in its market capitalization, the asset has towered over tron (TRX), dogecoin (DOGE) and Shiba Inu (SHIB) on the list of largest assets by valuation, currently securing the 13th position with a market cap of $6.84 billion.
The asset has its eyes set on the pre-Terra highs above the $100 territory. Prominent analyst Rekt Capital forecasted new highs for litecoin earlier this month, considering the upcoming litecoin halving of this year.
Litecoin rallied by 14,200% following the first halving and by 1,574 after the second halving. As a result, Rekt Capital predicted a similar surge after the third halving which is expected in July this year. The notable analyst asserted that a breakout should be expected sometime in July 2024.
