Good news for merchants who have Litecoin in their wallets – islaBit

The alt-season begins and the altcoins in the top 25 of CoinMarketCap are slowly recovering. Currently 23 out of 25 altcoins have positive weekly returns. Out of all these, Litecoin is in position nine in terms of market capitalization. They have posted a daily profit of more than 4% and the price remains at 42% of their ATH. Therefore we bring good news for merchants who hold Litecoin in wallets.

Litecoin: Higher Recovery and Price Discovery

IntoTheBlock’s analysis points to bullish sentiment among Litecoin traders. Little by little the price is recovering, which gives the impression that it will be able to reach a local ceiling. At present, the concentration of large HODLers is around 50% and there seems to be scope for a large recovery and price discovery.

Although following closely ATH is going to require greater liquidity and volatility. Now the number of trades are quite high in the main markets, which helps considerably to drive the price.

If we are based on the volume of transactions in the counting exchanges, we find a considerable increase in demand, which brings us closer to a price of $ 240. After Ethereum had daily gains of 5.11%, the alternative rally continues forward, which drives the entry of investments to Litecoin. In this case the general bullish sentiment is quite obvious, this due to the constant increase in price on the main spot exchanges.

There are other metrics that point to the bullish sentiment of Litecoin and the impact on the price. For example: the average transaction volume data from Glassnode. To give us an idea, the average volume of transactions of Litecoin reached a maximum of 172.6 LTC in a month and it is obviously a bullish signal as the number of transaction values ​​increases on average. We can see another metric that supports this and it is realized capitalization.

LTC realized limit

The metric in question has the same consequences as increasing transaction volume. In this way, it is very possible that the portfolios of retail traders will gain in double-digit returns or more when Litecoin reaches the local peak, possibly next week.

Over the past year, volatility has decreased and there was a general decline. However, the price has increased by 61.45% since 2021 began. Just this year, since March 21, Litecoin traded below $ 200 until the end of that month.

Therefore, when we combine Litecoin’s price action with its HODLing pattern, more than 50% of Litecoin’s HODLers have the token for more than a year, the emerging trend is bullish. This in the short term makes it quite profitable for retail traders who bought the asset below $ 195.

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Good news for merchants who have Litecoin in their wallets – islaBit

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