The cryptocurrency market is abuzz with excitement as numerous crypto whales closely monitor Litecoin (LTC), with significant accumulation patterns identified within the on-chain data. Recent blockchain data revealed a staggering 24-hour volume of transactions of 115.18M LTC, with a total of 365,086 active addresses, indicating high overall activity within the Litecoin network.
Furthermore, the Litecoin hashrate has reached an all-time high (ATH) of 2.53 TH/s, with miner pricing on the rise. This increase in miner confidence is reflected in the healthy security and productive incentives being returned to the network.
The question on many investors’ minds is whether LTC will be able to reach $140 by 2025. The recent resilience of Litecoin in the face of market fluctuations has instilled confidence in the potential for LTC to achieve this target.
Despite recent price drops, the LTC price is showing signs of recovery, with a rally towards the $140 target. Once the resistance level at $104 is flipped to support, there are no significant obstacles hindering Litecoin’s upward trajectory towards $140.
On-chain data also provides valuable insights into investor sentiment and market activity. IntoTheBlock shared key on-chain metrics, including the distribution of profitable, break-even, and losing holders of LTC, as well as the increase in whale holdings and transactions exceeding $100K. Despite a majority of LTC holders currently at a loss, the rise in whale accumulation and active addresses suggests a bullish outlook for Litecoin.
The growing speculation surrounding the potential approval of a Litecoin ETF is creating positive sentiment around LTC. Approval of a Litecoin ETF would provide institutional investors with regulated exposure to LTC, driving greater adoption and price appreciation. Historically, ETF approvals have led to significant price pumps in the cryptocurrency market, and if approved, Litecoin could see a substantial price increase beyond $140.
While there is no definitive timeline for ETF approval, the long-term presence of Litecoin in the market positions it well for potential approval. Whether or not an ETF is approved, the anticipation of price growth in LTC makes it a coin to watch in the coming years.
In conclusion, with whales accumulating LTC, strong fundamentals, and the potential for a Litecoin ETF approval, the future looks promising for Litecoin as it aims to surpass the $140 mark and solidify its position in the cryptocurrency market.