Litecoin Price Skyrocketed By 29% – Crypto News – Crypto News
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Litecoin Price Skyrocketed By 29% – Crypto News

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3 years ago

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Following the FTX crash chapter, the Crypto market is back in green on November 23. Litecoin price raise of 29% draws a lot of eyeballs towards the crypto market. Early on November 23, major cryptocurrencies were trading in the green, as the global crypto market cap increased by 3% the previous day to $819.18 billion. In contrast, total crypto market volume fell 5% in the last 24 hours to $62.21 billion.

The reason why Litecoin price rises

With this price surge, the average Litecoin Trading returns have blasted into positive territory. As per the recent report after the FTX crashn the past 2 weeks, addresses holding 1k to 100k $LTC bags $43.4M in coins. Last week, addresses holding 1,000 to 100,000 LTC increased their collective bags by 2.71% in a single day, and prices continued to rise. As a result, the price hits over $80 since May.

Shorting on exchanges may have also been involved in this unexpected price increase while FTX reactions were cooling, Binance saw traders shorting at their highest rate in 5 months. Based on the price bottom that occurred when Binance reached these same levels in June, it was fairly predictable that there would be some upcoming LTC rebound.

Crypto market after FTX collapse

Notably, after the ftx collapse, Cryptocurrency prices were declining, the cryptocurrency market looses over $1.4 trillion. The market capitalization of all cryptocurrencies worldwide has decreased by 10.85% over the course of the previous night and is now roughly $900 billion. The cryptocurrency industry has undergone significant change since a shocking run on billionaire Sam Bankman-FTX Fried’s exchange. In all likelihood, FTX has changed from what it once was, and Bitcoin has reached a two-year low. the cryptocurrency market looses over $1.4 trillion.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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