72% of Litecoin (LTC) Holders in Profit: Bullish Signs Ahead

Litecoin (LTC) After yesterday’s 20% dip, recovered nearly 13% in less than a day. This expansion is therefore creating renewed optimism in the market, and many expect a possible altcoin rally.

This latest price uptrend for LTC has followed a period of correction for the coin, during which it gave back some of its earlier upsides. However, the altcoin has continued its upward trajectory, generating renewed interest among both investors and market-watching status traders.

One of the reasons for LTC’s recovery is the surge in whale activity. According to data, large transaction counts are up 7% over the last 24 hours with Litecoin on the top. These spikes in activity reveal whether or not institutional and high-net-worth investors are momentum-trading back into the market, a strong bullish signal for any cryptocurrency.

More data shows the trend gaining momentum, with 72% of Litecoin addresses currently in profit, suggesting gains among holders across the board. This is significant, it means a large portion of investors will also not sell at a loss which further perks up the bullish LTC sentiment.

So, the focus now turns to $150 for Litecoin which even seems plausible at this point. The psychological level is considered a significant hurdle for the crypto asset and with renewed whale activity and most holders in the money, many think LTC can clear the level in the days ahead.

However, experts say ongoing interest should be balanced with the condition of the wider market; Litecoin’s price closely follows that of Bitcoin. A bearish sentiment prevailing in the wider crypto market could pose an obstruction for LTC to make further progress.

Litecoin (LTC) is trading at $118.87 with a market cap of $8.96 billion and a 24-hour trading volume of $1.15 billion. 

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