• Analysts have noted capital rotation from Bitcoin to Litecoin markets as LTC continues upward climb. 
  • 88% of wallet addresses holding Litecoin are currently profitable based on IntoTheBlock data.
  • Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours.
  • A renowned analyst has projected that LTC price is likely to retest $395 on account of its expanding volume.

The fourteenth largest cryptocurrency by market capitalization has posted nearly 35% gains over the past week. Litecoin’s explosive growth has triggered a rally to $270.40. 

Analysts bullish on Litecoin as LTC price continues to climb 

Litecoin price has skyrocketed, moving past $273.43 as capital from Bitcoin has rotated into the altcoin. Proponents have stated that the explosive growth in Litecoin is triggered by the rumors of Walmart accepting LTC payments. 

Despite the rumors being debunked; Litecoin price has continued its rise. 

Litecoin has offered the third-highest risk-adjusted returns over the past 24 hours. Based on data from crypto intelligence platform IntoTheBlock, 88% of the wallet addresses holding Litecoin are currently profitable. 

The LTC network has witnessed a spike in on-chain activity, and perpetual swaps volume has crossed $7.54 billion. A perpetual swap is a derivative where users buy or sell the value of the underlying asset. Perpetual swaps volume is considered a key indicator of demand for the asset by market participants. 

Leading forex trader and analyst Peter Brandt shared his bullish outlook on LTC price in a recent tweet:

Brandt notes that the LTC price has breached its September high. The analyst expects a retest of the altcoin’s 2021 high, with a target of $395. 

@rektcapital shared Brandt’s bullish outlook and traced a path for LTC price based on its historical performance. The analyst argues that the last time LTC price hit these highs, it continued upward and moved higher.

@rektcapital mentions the need for a daily close above $225 for the LTC price rally to continue. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP