The price of Litecoin has increased by 43.8% in the last 7 days. This is the first time since July 2019 that the price of Litecoin has crossed the $ 100 mark.
To Report Crypto briefing, the increase in capital inflows due to the price of bitcoin reaching its historical peak and the leap created in the digital currency market, has been the main factor in the growth of Litecoin.
It should not be forgotten that LightCoin performed better than Bitcoin. This performance has been such that LightQueen has had the highest price growth among the top 50 digital currencies on the market. Meanwhile, only Chimpion, Algrand and SwissBorg grew faster than LightQueen.
Perhaps the long-term growth of LightQueen’s trading volume can be considered as the main reason for its price increase. In November, LightQueen’s trading volume nearly doubled in August 2019. The increase in trading volume indicates an increase in liquidity in the market of this digital currency.
Meanwhile, the price of Litecoin on the charts is also very high. The digital currency has broken the symmetric triangle pattern and Fibonacci 23.6% and is now looking to cross the $ 146 barrier and its 2019 high. $ 90 and $ 83 are LightCoin support.
As the Bitcoin price crosses the $ 20,000 mark, analysts are waiting for the Litecoin price to record another double-digit rise. Large-scale investors and investment institutions can ignite this spike by entering a large volume of capital. Of course, it should not be forgotten that this scenario is possible for all other digital currencies on the market.
Price acceleration, a factor that measures the speed at which currencies circulate in the market, has not changed since the third quarter of 2019. This criterion is obtained by dividing intra-chain transactions into market value.
Another important factor to consider was Howing last year. According to many, Hawing has had a significant impact on the price of Litecoin. However, due to the low acceleration of prices, this strategy failed to create demand in the market. It should not be forgotten that since then, the use of Litecoin in transactions has increased.
At present, LightQueen addresses have reached more than 60 million after a linear upward trend since 2018. It can be said that investors keep LightQueen for a long time.
LightQueen mining activities can be considered another factor in its price jump. LightQueen network hash has fluctuated around 150 tera hashes per second in the last three years.
Hawking LightQueen reduced the reward for the blocks of this digital currency, and this issue reduced its inflation. Now, with the rise in the price of this digital currency, one can expect more miners to turn to its extraction; Increasing the number of miners may also affect market supply and demand.
Because bitcoin is digital gold, many call Litecoin digital silver; This reflects the long-term approach of investors. The digital currency development team is led by Charlie Lee.