Dogecoin (DOGE), a memecoin, has dominated the cryptocurrency market over the past week with strong increases of over 100%. The Dogecoin price rally came against the backdrop of Elon Musk’s Twitter acquisition.
Another altcoin is currently significantly separating from the rest of the cryptocurrency market. The price of Litecoin (LTC) has increased by almost 15% in the past day, bringing it even closer to $63.
At the time of publication, Litecoin (LTC) is trading 13.61% higher at $62.77 and has a market capitalization of $4.4 billion. The LTC whale addresses have been steadily increasing since May 27 following the correction in the cryptocurrency market, according to on-chain data.
In addition, the LTC/BTC trading pair has increased by 25% during the previous five months. As on-chain data provider Santiment reports:
“Litecoin is currently on a nice run, and is temporarily decoupled from the #crypto pack. We have seen that the amount of addresses with 1,000 or more $LTC has grown rapidly since mid-June, and $LTC‘s price vs. $BTC has grown +51% since June 12th”.
A Boost to Litecoin Adoption
On Tuesday, November 2, global payments platform MoneyGram announced that it would allow users to buy, sell and store digital assets including Bitcoin, Ether, and Litecoin. This facility will be available in almost all U.S. states and the District of Columbia.
MoneyGram, a global payments company, said on November 2 that users would be able to purchase, sell, and store digital currencies like Bitcoin, Ether, and Litecoin. Almost all states and the District of Columbia in the United States will have access to this facility.
This could be a big boost in particular to Litecoin (LTC) adoption considering MoneyGram has a very footprint globally. Litecoin founder Charlie Lee shared the news adding:
The adoption of Litecoin (LTC) in particular could benefit greatly from this given the global reach of MoneyGram. Founder of Litecoin Charlie Lee tweeted the information, adding:
“As I mentioned during the Litecoin Summit 2022 keynote, adoption is the most important thing for Litecoin. So I’m extremely excited to be able to use @MoneyGram to buy Litecoin now! Thanks @Coinme for making this happen. P.S. Yes, Litecoin is still alive to answer the haters.”
Currently, it appears that $64 is a resistance above! A breakout over here might spark a powerful run higher still. LTC has recovered all of its losses from the previous three months with its latest price increase. But it is still being sold at a discount of more than 50% year-to-date.