🌎 Litecoin Jito Bittensor Lead Crypto Gains

Crypto Market Update: Litecoin, Jito, and Bittensor Lead Gains

LTC, JTO, and TAO have added significant value to their respective prices over the past seven days, ranging from 17% to 22%. This surge is largely attributed to Bitcoin’s resilience in the face of macroeconomic developments and the subsequent market-wide recovery in the crypto space.

LTC, JTO, and TAO Extend Rallies

LTC, JTO, and TAO have outperformed most altcoins, ranking within the top 100 cryptocurrencies by market capitalization. On Friday, LTC gained 2.53%, while JTO and TAO added 5.68% and 2.98% to their value.

On-chain and Technical Analysis

According to Santiment data, total open interest in USD in Litecoin has climbed steadily to its highest level, reaching $416.87 million. The Network Realized Profit/Loss metric indicates small-scale profit-taking by traders.

Jito’s on-chain data shows a spike in social dominance, with trade volume climbing in response to demand from institutional and retail traders.

Bittensor’s on-chain data reveals steady volume, with a few positive spikes in the last week. However, funding rates data shows a negative spike, indicating bearish sentiment among derivatives traders.

Market Movers in LTC, JTO, and TAO

Senior ETF analyst Eric Balchunas tweeted about the likelihood of a Litecoin ETF approval, citing a 90% chance. This has been a key market mover for LTC this week.

The U.S. Securities and Exchange Commission’s crypto task force has lined up meetings with Jito Labs, fueling anticipation of positive developments in the protocol.

Bittensor’s Dynamic TAO update has driven TAO price higher, with Grayscale tweeting about the upgrade’s importance and impact on the crypto and TAO ecosystem.

Derivatives Data Analysis

LTC derivatives data shows a nearly 12% increase in Open Interest, with a long/short ratio above 1, indicating bullish sentiment among derivatives traders.

JTO’s Open Interest has climbed in the past three days, correlating with anticipation of gains in JTO price.

TAO notes a decline in derivatives trade volume alongside an increase in Open Interest, with a long/short ratio dipping slightly under 1, indicating bearish sentiment among derivatives traders.