News

Litecoin Price Skyrocket By 29%; Here’s Why

Crypto market is back in green on November 23. Litecoin's price rise of 29% draws a lot of eyeballs toward the crypto market.
Published by
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.

Advertisement

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.

Advertisement

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.

 

 

Advertisement
Share
Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy

Fourth-largest Bitcoin treasury Metaplanet on Tuesday announced plans to establish a new capital allocation policy,…

October 28, 2025
  • interviews

AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi

The current ecosystem in which all the core DeFi tasks have been so fragmented and…

October 28, 2025
  • News

Solana, Litecoin, HBAR ETFs by Bitwise, Canary, and Grayscale to Start Trading This Week

Exchanges have filed listing notices for Bitwise Solana Staking ETF (BSOL), Canary Litecoin ETF (LTCC),…

October 28, 2025
  • News

Analyst Slams S&P’s ‘B-’ Rating for Strategy Inc, Says Bitcoin Treasury Model Is “Misunderstood”

Crypto market analyst Adam Livingston has sharply criticized S&P Global Ratings after the agency assigned…

October 28, 2025
  • News

Metamask Airdrop Countdown Begins as Wallet Team Registers Token Claim Domain

In a fresh development, a newly registered claim domain has led to speculations that the…

October 27, 2025
  • News

$2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments

Citigroup, a top U.S. bank with $2.5 trillion asset under management has partnered with Coinbase.…

October 27, 2025