Litecoin Price Surges to 8-Month High

Litecoin’s price hit an eight-month peak of $106.2 on March 29, indicating potential gains ahead for miners and speculative traders. The cryptocurrency emerged as the best-performing asset in the top 20 crypto market rankings on the same day, with a 12% increase in just 12 hours.

Miners Driving Litecoin Rally

Since the completion of its third halving event in August 2023, Litecoin’s price had been on a downward trend. However, a recent bullish swing in March 2024 saw LTC trading above $105, marking a 33.5% increase for the month. On-chain data suggests that miners have played a crucial role in driving this rally.

Miners accumulating Litecoin

Real-time data shows that Litecoin miners accumulated 150,000 LTC coins in March, increasing their reserves from just over 2 million LTC to 2.2 million LTC. This accumulation has had a bullish impact on prices, as it reduces the supply of newly issued coins entering the market.

Speculative Traders Boost Capital Inflows

Despite a 12% price surge on March 29, data from Coinalyze.net indicates that Litecoin’s price is still undervalued compared to capital inflows in the derivatives market. Open interest in LTC derivatives increased from $337 million to $481 million, with traders adding $144 million in fresh capital.

Litecoin Price Forecast

With miners accumulating $16 million worth of LTC and significant capital inflows into derivatives, the Litecoin price is expected to target $150 before the Bitcoin Halving on April 20. However, a sell-wall at $130 could pose a challenge for bulls. Nevertheless, a breakout above $150 could be possible if bullish momentum continues.

In conclusion, the outlook for Litecoin remains positive, with bullish momentum supported by miners and speculative traders. Keep an eye on key price levels and market trends for potential opportunities in the cryptocurrency market.

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