Litecoin [LTC] gets shot in the arm from regulators, braces for next move
One of the biggest beneficiaries of the bull cycle of 2023 has been Litecoin [LTC]. The coin of the proof-of-work (PoW) chain has logged gains of over 28% on a year-to-date (YTD) basis and nearly 12% over the last seven days of trading, data from CoinMarketCap showed.
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A look at LTC’s mining data reverberates similar sentiments. As per Coinwarz, LTC’s hash rate has been climbing steadily and touched its all-time high of 771 TH/s on 26 March, an indication of growing network traffic.
Source: Coinwarz
And now the LTC fanbase has more reasons to cheer than ever.
The lawsuit initiated by U.S. Commodities and Futures Trading Commission (CFTC) against the Binance ecosystem may have shaken up the broader crypto market, but LTC was quick to look at the brighter side of things.
In at least two references made in the lawsuit, CFTC recognized that LTC was a commodity. The much-needed clarity for LTC comes at a time when the storm surrounding the status of cryptos, which has engulfed coins with a higher market cap like Ripple [XRP], is raging.
Large addresses seemed to have jumped on the LTC bandwagon, data from Santiment highlighted. Transactions worth $100,000 or more increased by 23% in the past 24 hours.
Furthermore, there has been a continuous increase in addresses holding between 10,000 to 100,000 coins throughout the course of March. This happened despite LTC shedding 7% of its value month-to-date (MTD). Hence, it can be deduced that whales took advantage of the dip to accumulate more tokens.
Source: Santiment
On the flip side, the daily active addresses trading LTC fell by as much as 34% since mid-March. The 30-day MVRV Ratio indicated that the network was overvalued and
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