Altcoin
Litecoin rallies by 27.54%, thanks to Japan’s…
Even though Litecoin hasn’t been the most-favored cryptocurrency, it has performed decently on the price chart. In fact, regulators and merchants across the globe have held it in high esteem.
Moshi Moshi Litecoin
Earlier this week, Japan-based news agency Nikkei reported that the Japan Virtual and Crypto Assets Exchange Association (JVCEA) would be releasing a “green list” of 18 cryptocurrencies that will be exempted from being screened every time an exchange lists them.
Apart from Bitcoin, Ethereum, and a few other cryptocurrencies, Litecoin is also included in the list. Despite losing ground in terms of popularity and market cap, LTC to date remains a preferred asset.
The label of “Silver to Bitcoin’s Gold” continues to play in favor of the altcoin. Probably one of the main reasons why many crypto payment accepting services and platforms have continued to include Litecoin in their list.
In fact, The Guardian recently reported that Litecoin was among the top cryptocurrencies used for betting in sports along with Dogecoin and XRP and the top coins.
This goes back to the fundamentals of the asset, which has enabled it to build an active and consistent investors’ community.
As per the most recent data, Litecoin holders have been making transactions regularly on-chain. Although fluctuations have been observed on average; over 200k investors have been active for the last few months.
The growth in investors’ activity combined with an increase in price paints a bullish picture for the altocin.
Litecoin velocity | Source: Santiment – AMBCrypto
Moreover, the recent rally infused investors with optimism. And, within two days, the community’s negative sentiment turned positive. This can continue to grow strong if LTC maintains its position.
Litecoin investor sentiment | Source: Santiment – AMBCrypto
At the time of writing, the altcoin was trading at $124.4. LTC managed to breach the ten-month-long downtrend wedge. At the same time, it has retested the critical support level of $123. From here on, it is crucial that Litecoin maintains its pace, or else a relapse would result in LTC falling through the wedge.
Litecoin Price Action | Source: TradingView – AMBCrypto
