Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Litecoin: Mammoth partnership and shark accumulation sees LTC spike

2min Read
Litecoin: Mammoth partnership and shark accumulation sees LTC spike

Share this article

  • Litecoin announced partnership with Mastercard to provide Litecoin Mastercard in the UK and Europe.
  • Sharks have increased their holdings by over 4% as price rallies.

Litecoin [LTC] and Mastercard have announced a partnership, which would introduce the Litecoin Mastercard in the UK and Europe. A post on 30 January, while making the announcement, demonstrated that it would build a payment bridge between cryptocurrencies and traditional finance (TradFi). Investors reacted well to the news.


Read Litecoin’s [LTC] Price Prediction 2023-24


Sharks and partnership might cause more rally 

Additionally, addresses holding 100–10,000 LTCs, known as sharks, increased their accumulation before the price surge of Litecoin. Santiment’s data showed that the addresses had contributed 1.15M more coins, or 4.92% more coins, over the last six months.

This catalyzed a price surge that drove the value of LTC to a peak it last experienced in May 2022.

Litecoin (LTC) sharks transactions

Source: Santiment

The collaboration with Mastercard, a well-known payment provider, is a big step toward Litecoin’s acceptance and use in regular transactions. The expansion of Litecoin’s reach and use cases will result from the cryptocurrency’s inclusion into Mastercard’s network, which will also present new chances for merchants and companies to accept Litecoin as payment.

Sharks may be encouraged to increase their accumulation via this relationship. Moreover, additional Sharks endeavors, in conjunction with this cooperation, could raise the value of LTC.

Long term vs short-term MVRV 

Looking at Litecoin’s (LTC) 30 and 365-day Market Value to Realized Value (MVRV) may help one understand how profitable or unsuccessful the cryptocurrency has been. The 30-day MVRV indicated that LTC was making a profit of 10.24% as of this writing.

LTC, however, was more profitable when the longer MVRV was considered. The 365-day MVRV was 32.97% as of this writing.

Litecoin MVRV

Source: Santiment


How much are 1,10,100 LTCs worth today


The LTC rally

Furthermore, Litecoin was up over 2% as of the time of writing, trading at about $93.5. The asset lost over 3% over the last trading session. On a daily time scale, LTC was on an uptrend and had risen by over 50% to its present price.

LTC was still in a bull trend and showed signs of continuing the trend, according to the Relative Strength Index line.

Litecoin (LTC) price move

Source: Trading View

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.