The value of Litecoin (LTC/USD) had been on a bullish pattern for the previous few weeks. In total, Litecoin has risen by about 41.5% over the previous month. The previous two weeks have been probably the most lively for the cryptocurrency because it has gained 35% in 14 days.
It’s value noting that the value of Litecoin has been surging whereas that of nearly all of standard cryptocurrencies like Bitcoin (BTC/USD) battle to get a footing within the present crypto winter. However why is the LTC value surging? On this submit, we will delve into the attainable the reason why the Litecoin value is rising.
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Why the value of Litecoin is rising?
Curiously, there isn’t any main information about Litecoin that may be attributed to the present Litecoin value rise. The cryptocurrency, which is without doubt one of the oldest altcoins appears to be naturally exceedingly nicely, particularly at a time when a majority of different cash are struggling.
Previous to final week’s rally, nevertheless, there have been giant addresses that collected greater than $40 million value of LTC cash inside two weeks; one thing that might have triggered a sudden curiosity within the altcoin and subsequently the large value surge up to now two weeks.
Additionally, earlier this month, Texas-based cash switch large MoneyGram allowed its customers to buy and sell Litecoin on its cellular app.
In a tweet Last month, John Bollinger, who’s greatest identified for the Bollinger Bands indicator, mentioned he had noticed a squeeze on the Litecoin chart and was pondering over it.