Litecoin has had a big price increase on low timeframes, indicating a likely bullish continuation. The cryptocurrency is outperforming more valuable assets in the area, climbing to the top ten in terms of market value.
A bullish thesis is supported by the present market environment and on-chain activities. Litecoin has already surpassed Solana (SOL) and Shiba Inu (SHIB) in this list as of this writing. LTC is now trading at $78 with earnings of 15% and 35% in the preceding 24 hours and week, respectively.
During this time, addresses holding 1,000 to 100,000 Litecoin accumulated more than $40 million in the cryptocurrency, according to the business. While sharing the chart below, Santiment mentioned the following:
Litecoin’s price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.
Dogecoin gains 10% as the market recovers
Dogecoin has increased by more than 10% to $0.081. However, the leading cryptocurrencies still have a long way to go to make up for deficiencies on a weekly basis. Dogecoin is down 4.81% in this regard.
Investors are now watching other bitcoin firms to see how far the virus can spread. Genesis, an institutional lender, issued a bankruptcy notice after it was unable to secure financing. According to a Glassnode research, exchanges have experienced massive outflows so far in November as investors seek the security of self-custody.
In addition, over 2,000 merchants, including the Dallas Mavericks, Twitch, and Tesla, now accept Dogecoin as payment, as the cryptocurrency continues to prosper in this area.
Despite substantial short interest, the price of solana skyrockets by 20% in 24 hours
Solana (SOL) saw its value plummet when the cryptocurrency market was ravaged by the liquidity issue at FTX; nevertheless, on November 23, the token experienced a tremendous rebound.
Solana is now trading at $13.37, up $2.22 or 19.89% in the last 24 hours but still down 5.89% over the previous week, according to Finbold data at the time of publishing.
According to CoinMarketCap statistics, Solana has added almost $840 million to its market value in the just 24 hours, rising from $4 billion to $4.83 billion in less than a day.
Surprisingly, the CoinMarketCap crypto community is optimistic about SOL’s near-term pricing. According to data gathered on November 21, the collective forecast projected the price of Solana at an average of $28.35 by December 31, 2022.
It is also worth noting that Santiment, a crypto market intelligence platform, indicated that faith in the DeFi asset has not yet been fully restored in the cryptocurrency world. According to the platform, traders continue to significantly short the asset in comparison to most other cryptocurrencies. Santiment observed significant short interest in Binance as SOL plunged 63% in four days.
“There are not a lot of big #Solana believers, even as its price bottomed out at $11.02 and rebounded to $12.70 over the past 15 hours. This #FUD could cause more rebounding until traders slow down their nearly unanimous bets against $SOL’s price.”