Litecoin Price Climbs to Two-Week High
Litecoin’s price has reached its highest level in two weeks, reaching around $99. The cryptocurrency market has seen a 1.15% decrease, but Litecoin is still underperforming the broader crypto market year-to-date.
The current price uptrend is due to market dynamics triggered by the re-entry of large amounts of previously inactive assets into circulation.
On March 5th, the Litecoin market witnessed the return of over 600,000 LTC tokens valued at over $60 million after being untouched for at least five years.
LTC’s price dropped over 19% on the same day but has since recovered by 37.25%, indicating the market has absorbed the sudden influx of once-dormant tokens.
The price rally is further fueled by hints of a potential launch of cash-settled Litecoin futures contracts by Coinbase in April.
(With inputs from Shikha Singh)
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