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Litecoin Enters Top 20, Soared Over 28% in The Last 7 Days, Here Is Why

According to CoinMarketCap, Litecoin’s price shows an impressive bullish trend, which is worth analyzing. The token price has risen by 28.05% in the past seven days and has subsequently entered the top 20, as per the price-tracking website for crypto assets.

At the time of writing, the price of Litecoin (LTC) was $68.65, with a 24-hour trading volume of $1,400,844,453. The token has been down 1.59% over the last 24 hours. The cryptocurrency is ranked #19, with a live market cap of $4,912,922,846, according to CoinMarketCap.

On October 21, Litecoin was worth $51.18 per coin. Like many cryptocurrencies, the coin has been affected by the overall crypto market downturn and is down 74% in the past year and 65% year to date. In comparison, Bitcoin is down about 69% over the past year and 59% year to date.

Litecoin opened in 2022 at $150.80, and today it is down by 54.39%. At the time of writing, the LTC price is $68.65, up 0.76% from the previous trading day.

On November 1, the price of Litecoin jumped nearly 8% after the payments company MoneyGram enabled users to trade and store several crypto assets, including Litecoin, on its app.

Besides Litecoin, Moneygram also allows users to trade and store Bitcoin and Ethereum. However, with Litecoin having a much smaller market cap and much less of a following, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.

Moneygram announced that users in almost all US states and the District of Columbia can purchase, sell and hold Litecoin and other cryptocurrencies. As a result, Litecoin has recently disassociated itself from altcoins and posted a massive rally against Bitcoin.

The price of Litecoin is rallying after temporary decoupling from the crypto market. The token has experienced an increase in the number of addresses holding 1,000 or more LTCs. Litecoin has added 314 new whale addresses; these wallets hold large volumes of LTC and contribute to a huge increase in on-chain activity.

The recent activity in Litecoin price comes after months of consolidation at the $55 level. Litecoin value is now past the key resistance level at $60, which has served as a barrier to a breakout on several occasions.

Besides the price boost, a few days ago, Litecoin mining difficulty set a new record high, peaking at just under 18 million hashes. Blockchian.News reported the matter on November 6. The rise in Litecoin’s mining difficulty means the competition rises as more miners enter the crypto network to reap the rewards.

Digital Asset Investments Surge to $117 Million

The European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report” on January 30. The report revealed that investments in digital assets experienced a surge in inflows last week, reaching $117 million, the highest amount since July 2022. CoinShares is a European investment firm that specialises in cryptocurrencies.

According to a research by CoinShares, the total assets under management for the sector increased to $28 billion, representing a 43% gain from its lows in November 2022. The rise in the volume of investment products exchanged during the week was obvious, totaling $1.3 billion, which represents a 17% increase in comparison to the average for the first 10 months of the year. During this time, weekly trading volumes on the market for digital assets have increased by an average of 11%.

After Germany, Canada, the United States of America, and Switzerland, which each got $30 million, $26 million, and $23 million correspondingly, the country that had the biggest inflows over the last week was Germany, which accounted for 40% of the total ($46 million). The majority of the inflows, totaling $116 million, were invested in Bitcoin (BTC) products, whilst just $4.4 million was invested in short-Bitcoin products, demonstrating that investors had conflicting opinions about the cryptocurrency.

In addition, the report disclosed that multi-asset investment products had seen withdrawals of funds for the ninth week in a row, with the total amount reaching $6.4 million. This seems to indicate, according to James Butterfill, who is in charge of research at CoinShares, that investors are choosing to put their money into more specialised projects. Altcoins such as Solana (SOL), Cardano (ADA), and Polygon (MATIC) witnessed inflows as a result of this trend. On the other hand, Bitcoin Cash (BCH), Stellar (XLM), and Uniswap (UNI) suffered slight outflows.

In addition, investors shown interest in blockchain equities, contributing a total of $2.4 million in new capital. On the other hand, a more in-depth investigation finds that opinions continue to vary depending on the supplier.

The market for digital assets as a whole saw substantial growth over the course of the last week, with investment products witnessing record inflows and better volumes.

The overall trend indicates that investors are becoming more choosy in their investments, with mixed feelings concerning blockchain stocks, despite the fact that this attitude is consistent with the trend.

Rehab Centers Add Services for Crypto Trading Addicts

A high-end rehabilitation facility in Spain has lately begun offering treatment for an addiction to cryptocurrency trading, which is a relatively fresh kind of addiction.

The institution, named “The Balance,” is a Switzerland-founded wellness centre, with its main location situated on the Spanish island of Mallorca along with subsidiaries in London and Zurich.

While it has long treated addictions such as alcohol, narcotics and mental health, it just started providing therapies geared towards fighting crypto trading addiction, according to a report from the BBC.

The Feb. 5 article indicated that one of the center’s customers sought out so that he could “wean off crypto” after apparently pouring in $200,000 worth of transactions per week.

The treatment requires a stay of four weeks and consists of various therapies, massages, and yoga sessions. The bill might be upward of $75,000.

In another area of the globe, Castle Craig Hospital — a Scottish-based addiction rehabilitation clinic treating high-adrenaline crypto traders since 2018 — has seen over 100 clients come in with “dangerous” cryptocurrency issues.

Diamond Rehabilitation, a wellness facility situated in Thailand that began operations in 2019, is one of the establishments in Asia that has launched services devoted to the rehabilitation and treatment of bitcoin addiction.

The business claims it addresses recovery via the use of Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT), as part of its comprehensive, multi-stage strategy to assist traders conquer their addiction.

It is claimed that the ecstatic highs and shattering lows of the fast-paced, 24 hours a day, seven days a week arena of cryptocurrency trading have brought about a genuine need for rehabilitation clinics that provide assistance for those who are addicted to trading.

According to an article published by Family Addiction Specialist and based on statistics regarding gambling disorders, it is estimated that approximately one percent of cryptocurrency traders will develop a severe pathological addiction, while ten percent will experience other problems in addition to a loss of financial capital.

According to a Family Addiction Specialist, one of the symptoms of this addiction is a persistent need to check the prices online, especially in the middle of the night.