Litecoin Price Skyrocket By 29%; Here’s Why

Following the FTX crash chapter, the Crypto market is back in green on November 23. Litecoin price rise of 29% draws a lot of eyeballs toward the crypto market. Early on November 23, major cryptocurrencies were trading in the green, as the global crypto market cap increased 3% over the previous day to $819.18 billion. In contrast, the 24 hour crypto market volume fell by 5% to stand at $62.21 billion.

Whales leading Litecoin price surge?

With this price surge, average Litcoin trading returns have blasted into positive territory. As per the recent report after the FTX crash in the past 2 weeks, addresses holding 1k to 100k $LTC bags $43.4M in coins. Last week, addresses holding 1,000 to 100,000 LTC increased their collective bags by 2.71% in a single day, and prices continued to rise. As a result, the price hits over $80 since May.

Shorting on exchanges may have also been involved in this unexpected price increase while FTX reactions were cooling, Binance saw traders shorting at their highest rate in 5 months. Based on the price bottom that occurred when Binance shorts reached these same levels in June, it was fairly predictable that there would be some upcoming LTC rebound.

As per the Glassnode data report, contrary to its main use case as a payment token, users are increasingly viewing Litecoin as a store of value.

Crypto market after FTX collapse

Notably, after the FTX collapse, Cryptocurrency prices was declining, the cryptocurrency market looses over $1.4 trillion. The market capitalization of all cryptocurrencies worldwide has decreased by 10.85% over the course of the previous night and is now roughly $900 billion. The cryptocurrency industry has undergone significant change since a shocking run on billionaire Sam Bankman-FTX Fried’s exchange. In all likelihood, FTX has changed from what it once was, and Bitcoin has reached a two-year low. the cryptocurrency market looses over $1.4 trillion.