Litecoin (LTC) Price Skyrockets 18% Outperforming Broader Crypto Market Rally

Litecoin price is outperforming the broader crypto market run-up gaining more than 18% in the last 24 hours shooting all the way to $120 levels.

Litecoin price has surged by more than 18% over the last 24 hours, outperforming the broader crypto market rally. The daily trading volume has also skyrocketed by a massive 301% to $1.68 billion, suggesting strong bullish momentum moving ahead.

This comes amid strong LTC whale accumulation along with the growing optimism for Litecoin ETF approval.

After forming a strong base at $100, the Litecoin price has gained 18% in the last 24 hours supported by a strong boost in the daily trading volumes. As per the Coinglass data, the LTC open interest has shot up by 30% to $582 million while the 24-hour liquidations have surged to $1.60 million with $1.28 million in short liquidations.

As per blockchain analytics firm Santiment, the Litecoin price surge comes due to increased activity from large investors, specifically whales and sharks holding at least 10,000 LTC. These entities have collectively accumulated 250,000 LTC since January 9, signaling strong institutional and large-scale investor interest.

Source: Santiment

This pattern mirrors similar activity observed in early December. Thus, this reinforces the notion that big players are showing much interest in LTC with the expectations of further price gains.

The recent Litecoin ETF filing by Jacobi Asset Management has also contributed to the bullish sentiment around LTC. The ETF, if approved by the SEC, will track the performance of the Litecoin price. Moreover, the growing anticipation for Litecoin halving in August 2023 is also seen adding to the bullish outlook for LTC.

Collectively, these factors are likely to propel Litecoin price to reach the $200 level and even higher in the coming weeks or months, especially if the broader crypto market continues to rally and the key technical levels are breached.