Litecoin price: Here’s why LTC has spiked 34% this week

Litecoin (LTC/USD) has traded higher in the past one month, and added to the momentum with a double-digit gain on Wednesday to breach the $80 price level for the first time since May.

As the cryptocurrency market looked to bounce alongside stocks amid fresh buying amid a November rally, Litecoin rose more than 11% to hit an intraday high of $83.43 on Coinbase.

Chart showing Litecoin price surging to highest level since May. Source: TradingView

The double-digit gains were also registered by BNB and Solana.

Why did Litecoin price jump today?

Even with the FTX contagion in full force and broader market jitters still a fixture, Litecoin’s performance over the past month has been quite impressive. According to data on CoinGecko, LTC/USD has surged nearly 34% in the past week and over 43% in the past 30 days.

According to market intelligence platform Santiment, while Litecoin’s price surge over the past few weeks may surprise some people, on-chain data backs the trend. A chart the platform shared on Twitter on Wednesday shows large investors (popularly called sharks) have aggressively accumulated LTC.

Per the platform, addresses with 1k to 100k LTC have snapped up $43.4 million coins this past two weeks.

Litecoin’s jump above $80 could also be down to optimism around the coin as it approaches its third halving in 2023. The cryptocurrency had similar price moves in the lead up to its block reward halving in 2015 and 2019. If the market has bottomed, then LTC could build up some buying momentum ahead of the July/August event.

What next for LTC?

According to crypto analyst Rekt Capital, the $85-98 region is a key resistance zone. Below current levels, Litecoin will remain bullish if bulls achieve a monthly close at $67, the analyst tweeted.

Litecoin reached its all-time high above $410 in May 2021, which means LTC price is down more than 80% from that peak.

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