The crypto market surged to a collective market cap of over $830 billion, a rarity amid the gloomy sentiment caused by the FTX crash and its aftermath. Still, Litecoin's comeback is better than most alternative cryptocurrencies.
At a market cap of over $5.64 billion, litecoin has strengthened to a high of $81 on November 23. It last traded above this level in May, hitting a six-month high.
Ahead of the first major price spike, a strong stocking trend continued among sharks and whales groups that accumulated the highest supply in seven months held. This cohort of addresses holding 1k to 100k LTC tokens has raised more than $43 million over the past two weeks, as revealed by leading crypto analytics platform Santiment.
A larger cohort of LTC whales holding one million to 10 million LTC tokens have also shown the same trend, increasing their accumulation from 2.7 million. This in turn catalyzes the rise in the price of the crypto asset.
At the beginning of the year, Litecoin traded close to 150. However, the subsequent decline in the market pushed the crypto asset to fall as low as $42 in June. Despite the recovery, it remained stuck below $55 for the most part before breaking above the level twice in November alone.
Interestingly, Litecoin posted its first price increase after former Ripple partner and p2p payment firm MoneyGram announced the launch of a new service to buy, trade and store crypto assets earlier this month.
The difference from the market-wide decline occurred eight months before the halving which will reduce the rate of Litecoin supply expansion by 50%.
