MEXCLitecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
Highlights
- Litecoin price rallied ahead of the Canary Capital Litecoin ETF launch on October 28.
- The Litecoin Foundation reported that wallets holding 100 LTC or more now control 67% of total supply.
- Market experts project further upside, citing strong technical momentum to $140, and further beyond to $300.
Litecoin price has once again rallied 3% today, reclaiming above the $100 resistance, while extending its weekly gains to over 10%. More importantly, the LTC daily trading volume has shot up 70% to more than $1.1 billion, with the Canary Capital Litecoin ETF set to go live on Tuesday, October 28. This development has stirred strong market optimism, pushing LTC higher today.
Litecoin Price Jumps with Strong Trading Volume
With the Canary Litecoin ETF going live today, LTC price has bounced back above $100. As said, the daily trading volume for LTC has surged by 70% to $1.1 billion, marking strong bullish sentiment among traders. The Litecoin Foundation noted that crypto addresses with more than 100 LTC have been systematically buying over the past, with a minimum balance of $10,000 and more.
The Litecoin Foundation has revealed that wallets holding 100 LTC or more now account for 67% of the total Litecoin supply. According to the organization, this reflects a steady accumulation trend among long-term holders. As shown by the chart below, there are a total of 68 million such addresses.
“Any Litecoin address with 100 LTC or more is part of this number,” the Foundation stated. The data underscores growing consolidation among committed investors as Litecoin’s supply distribution continues to tighten. This could further serve as a catalyst for the Litecoin price rally.
On the other hand, the odds of a spot Litecoin ETF have surged to 99%, as per the Polymarket data. Note that the odds have surged from 62% on October 25, to now as 99%, showing the resurgence of a strong bullish sentiment.
Where’s LTC Heading Next?
Crypto analyst CryptoBull360 noted that Litecoin (LTC) is showing renewed strength on the weekly chart, suggesting a potential bullish reversal. The analyst identified $140 as a key short-term target, adding that a decisive weekly close above this could lead to further rally. CoinGape’s LTC price prediction hints at similar targets for November.
According to CryptoBull360, such a move would likely signal bullish continuation toward the $300 mark over the longer term. Another crypto analyst CryptoBullet noted that the Litecoin price chart forms a similar trajectory to the ZEC price upside.
The chart displays overlapping price action for both Litecoin (represented by candlesticks) and Zcash (shown as the purple line) from 2017 through projected 2026-2027 targets. It reveals remarkably similar technical patterns despite different price scales.
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