• The cryptocurrency Litecoin (LTC) has seen a 28% gain on its year-to-date (YTD) basis and nearly 12% over the past seven days of trading.
• It’s hash rate has been climbing steadily and touched its all-time high of 771 TH/s on 26 March, an indication of growing network traffic.
• The lawsuit initiated by U.S. Commodities and Futures Trading Commission (CFTC) against Binance also recognized LTC as a commodity, giving it much needed clarity in the midst of regulatory uncertainty surrounding cryptos.
One of the biggest beneficiaries of the bull cycle of 2023 has been Litecoin [LTC]. The coin of the proof-of-work (PoW) chain has logged gains of over 28% on a year-to-date (YTD) basis and nearly 12% over the last seven days of trading, data from CoinMarketCap showed. Is your portfolio green? Check out the Litecoin Profit Calculator
Growing Network Traffic
A look at LTC’s mining data reverberates similar sentiments. As per Coinwarz, LTC’s hash rate has been climbing steadily and touched its all-time high of 771 TH/s on 26 March, an indication of growing network traffic.
The lawsuit initiated by U.S. Commodities and Futures Trading Commission (CFTC) against the Binance ecosystem may have shaken up the broader crypto market, but LTC was quick to look at the brighter side of things. In at least two references made in the lawsuit, CFTC recognized that LTC was a commodity – providing much needed clarity for holders amidst regulatory uncertainty surrounding cryptos like Ripple [XRP].
Large addresses seemed to have jumped on the LTC bandwagon, data from Santiment highlighted. Transactions worth $100,000 or more increased by 23% in the past 24 hours while there has been a continuous increase in addresses holding between 10,000 to 100,000 coins throughout March – indicating whales taking advantage of dips to accumulate more tokens despite price drops MTD. On the other hand daily active addresses trading LTC fell by 34%. The 30-day MVRV Ratio indicated that most holders would realize profits on their sales with an imminent selloff unlikely as most will position themselves for further gains due to recent regulatory relief..
Litecoin’s halving event is a little over four months away which will be its third after 2015 and 2019 – potentially leading to further upside for holders positioning themselves for this event ahead in time