Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Litecoin rebounds from 2023 low, whale investors and halving event influence price

EditorRachael Rajan
Published 10/03/2023, 05:51 PM
© Reuters

Litecoin (LTC), a prominent digital currency, has seen a significant recovery in its value, rebounding from a 2023 low of $58 to retest the $70 mark on Monday. This resurgence in price was primarily driven by Litecoin whale investors, who significantly increased their trading activity to a 40-day peak of 2,900 transactions, as demonstrated in the IntoTheBlock chart.

However, following this peak, there has been a noticeable decrease in the activities of these influential investors. The future of Litecoin's price trajectory could be influenced by the persistence of bullish sentiment following the August 2 Halving event. If this sentiment persists, LTC could maintain a value above $60.

On the other hand, bearish traders could potentially force a drop in Litecoin's value below $60. Highlighting a possible positive turn of events, the piece points out a recent 16% price gain and strategic buy orders of 234,370 LTC at $63. These factors combined could potentially trigger a rally towards the $75 mark for Litecoin.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.