Litecoin — one of the world’s oldest cryptocurrencies — has seen over $1 billion worth of inflows while most of the crypto market was bleeding. Fundamentals help explain this discrepancy.
As of press time, Litecoin is trading at $78.21, 34.64% higher than its value seven days ago — top coins such as Bitcoin and Ethereum lost value over the same period. About 24 hours ago, Litecoin’s market capitalization stood at $4.11 billion and earlier today reached $5.84 billion — meaning that the network enjoyed a capital injection of $1.74 billion. On-chain analytics firm, Santiment, in a recent tweet commented on the growth:
ການເພີ່ມຂຶ້ນຂອງລາຄາຂອງ Litecoin ອາດຈະເຮັດໃຫ້ບາງທ່ານຕົກໃຈ, ແຕ່ການສະສົມທີ່ຢູ່ຂະຫນາດໃຫຍ່ແມ່ນສໍາຄັນທີ່ຈະສັງເກດເບິ່ງ. ໃນ 2 ອາທິດທີ່ຜ່ານມາ, ທີ່ຢູ່ທີ່ຖື 1k ຫາ 100k $LTC ໄດ້ສະສົມ $43.4M ໃນຫຼຽນຢູ່ໃນເສັ້ນທາງໄປສູ່ລາຄາທໍາອິດທີ່ເພີ່ມຂຶ້ນສູງກວ່າ $80 ນັບຕັ້ງແຕ່ເດືອນພຶດສະພາ.
Furthermore, Glassnode data shows that Litecoin’s reserve risk stands at 0.00049984, its MVRV Z-Score currently stands at -0.40282131, and the Puell Multiple currently reads 0.75399149. All of those are additional strong buy signals.
Source: https://crypto.news/litecoin-sees-1-74b-of-inflows-in-a-day-fundamentals-are-greenlit/