LTC JOINS MARKET RALLY WITH 6% BOOST !
As investors shifted capital towards the Ethereum ecosystem in the wake of the ETH ETF approvals last week, Litecoin became one of the worst-hit assets, tumbling 10% in the last ten days of May 2024.
However as the ETF euphoria cooled up, other potential bullish catalysts have emerged this week. Chiefly, demand for Litecoin has surged this week, amid growing optimism surrounding the next US Jobs report and imminent Fed rate decision in June.
Litecoin Price Forecast LTCUSD
As seen above, Litecoin’s price has now rebounded 5.66% in the last 48 hours to reach the $85 mark at the time of writing on June 6, reversing a significant portion of the losses recorded in the last week of May.
While the Litecoin price bounce quite mirrors the bullish sentiment surround the overall crypto markets trend this week, on-chain data suggests recent shift in LTC miners’ disposition may actually be the major catalyst.
The miner reserves chart provided by IntoTheBlock offers a clear and detailed illustration of the total amount of LTC coins being held in custody by established miners and mining pools. This serves as a vivid indication of the current state of LTC reserves in the mining ecosystem.
Litecoin Price vs LTC Miners Reserves
Looking at the chart above, Litecoin miners now hold a total of 1.93 million LTC in the cummulative balances at the time of writing on June 6. But zooming out, the chart also shows that they only held 1.75 million LTC as of May 5, 2023.
This clearly shows that Litecoin miners have been on a buying spree over the last 30-days, adding more than 180,000 LTC to their coffers.
When valued at the current prices, the miners have effectively accumulated coins worth over $15.3 million between May 5 and June 5.
Typically, an increase in miners reserves is often regarded as a major bullish signal for the native coin price.
Firstly, it means that miners are bullish on LTC’s long-term price prospects, and as a result they are hoarding their newly-mined coins rather than unloading them on the market...
As investors shifted capital towards the Ethereum ecosystem in the wake of the ETH ETF approvals last week, Litecoin became one of the worst-hit assets, tumbling 10% in the last ten days of May 2024.
However as the ETF euphoria cooled up, other potential bullish catalysts have emerged this week. Chiefly, demand for Litecoin has surged this week, amid growing optimism surrounding the next US Jobs report and imminent Fed rate decision in June.
Litecoin Price Forecast LTCUSD
As seen above, Litecoin’s price has now rebounded 5.66% in the last 48 hours to reach the $85 mark at the time of writing on June 6, reversing a significant portion of the losses recorded in the last week of May.
While the Litecoin price bounce quite mirrors the bullish sentiment surround the overall crypto markets trend this week, on-chain data suggests recent shift in LTC miners’ disposition may actually be the major catalyst.
The miner reserves chart provided by IntoTheBlock offers a clear and detailed illustration of the total amount of LTC coins being held in custody by established miners and mining pools. This serves as a vivid indication of the current state of LTC reserves in the mining ecosystem.
Litecoin Price vs LTC Miners Reserves
Looking at the chart above, Litecoin miners now hold a total of 1.93 million LTC in the cummulative balances at the time of writing on June 6. But zooming out, the chart also shows that they only held 1.75 million LTC as of May 5, 2023.
This clearly shows that Litecoin miners have been on a buying spree over the last 30-days, adding more than 180,000 LTC to their coffers.
When valued at the current prices, the miners have effectively accumulated coins worth over $15.3 million between May 5 and June 5.
Typically, an increase in miners reserves is often regarded as a major bullish signal for the native coin price.
Firstly, it means that miners are bullish on LTC’s long-term price prospects, and as a result they are hoarding their newly-mined coins rather than unloading them on the market...