Litecoin Tops $100 in 9-Month High as LTC Accumulation Continues
TL;DR Litecoin has finally cracked the $100 psychological level, posting its highest price for nine months. There has been a great deal of LTC accumulation in recent months, with close to 0.5% of the entire supply added to shark wallets since December. News of a new Litecoin Card program from Unbanked and Mastercard has also provided support. Analysts predict that prices could rise to around $180 if history rhymes ahead of the next halving event.
Litecoin prices have reached a major psychological level at three figures. Meanwhile, accumulation has continued for the ‘silver to Bitcoin’s gold.’
Litecoin has finally cracked the $100 price level posting its highest price for nine months during the early hours of Feb. 2.
According to analytics firm Santiment, there has been a great deal of LTC accumulation in recent months.
The ‘shark’ cohort has been accumulating Litecoin since the end of December. Shark wallets contain between 100 and 10,000 LTC, and those above are whales.
Santiment also noted that nearly 0.5% of the entire supply of Litecoin has been added to these wallets over the past seven weeks. As a result, LTC is back at prices not seen since May 2022.
🦈 #Litecoin has now rallied its price up +89% since its drop below $50 on November 9th. Culprits for the surge of the 11+ year-old coin include addresses holding 100-10,000 $LTC, who have added 1.15M more coins in the past 6 months, a 4.92% increase. https://t.co/JHO30q1c0x pic.twitter.com/HP1mfqpoBR — Santiment (@santimentfeed) January 31, 2023
Litecoin Mastercard Partnership
Recent momentum has been driven by a new partnership announcement for Litecoin. On Jan. 30, the Litecoin Foundation announced that it had teamed up with Unbanked and Mastercard. A new Litecoin Card program is now available to residents in the U.K. and Europe, it revealed.
Litecoin founder Charlie Lee said:
“Unbanked has been a fantastic partner who delivered a LTC powered card program within the United States when others were unable to and Litecoin Foundation looks forward to working with them to scale access even further.”
BREAKING: The Litecoin Foundation @UnbankedHQ and @Mastercard, announce the all new Litecoin Card program now available to residents in the UK and Europe – reaching approximately 84% of the EU! #PaywithLitecoin⚡#Litecoin $LTC https://t.co/uefUP4fl95 — Litecoin Foundation ⚡️ (@LTCFoundation) January 30, 2023
Analysts are looking back to LTC’s performance in the run-up to its previous halving event. The next Litecoin halving is due on Aug. 3, 2023, just 181 days away, according to the countdown.
Popular crypto trader ‘Satoshi Flipper’ posted a chart predicting where LTC prices may go if history rhymes. A pump similar to that before the last halving could see prices surge to around $180 over the next few months.
$LTC/weekly
Here's a cleaner update to the original $LTC tweet from Dec 25 about the halving narrative 🎯
We have a very long way to go….. https://t.co/GncEOJRIwU pic.twitter.com/Lwi30K5gJU — Satoshi Flipper (@SatoshiFlipper) February 1, 2023
Price Outlook
Litecoin topped $100 during the Thursday morning Asian trading session. The ‘silver to Bitcoin’s gold’ hit a nine-month high of $102.34 before a slight retreat. At the time of press, LTC was trading just above $100 in a 3.5% gain on the day.
LTC Price Chart by BeInCrypto
Furthermore, LTC has outperformed its crypto brethren over the past two weeks, adding 22% while most others have consolidated. The next major resistance zone lies at around $130, a price last visited in March 2022.
However, the asset is still down 75.4% from its May 2021 all-time high of $410.