Litecoin (LTC) Leads Gains With Over 27% Increase In The Week

After a stunning rise, Litecoin has just completed its bullishest week since June. The “digital silver” registered over 24% gains in the last seven days alone. There’s no main catalyst for the token’s impressive rise. The token has seen gains due to its weekly high hashrate. 

The network also started off the week with a positive announcement, confirming its partnership agreement with Wanchain. As far as the network’s interoperability is concerned, this news is a big win.

Polygon and Litecoin are the top 20 tokens in gains

Litecoin gained 24% in the past week to climb into the top 20, propelling it up the rankings. These gains were achieved despite the fact that other tokens of the top twenty league suffered significant losses but few gains. Bitcoin, for instance, lost 1.65% per week. CoinMarketCap metrics. None of the top five tokens saw gains greater than 5%. Polygon was the only top-20 token to see massive gains over the week prior, along with Litecoin. MATIC (the Ethereum layer-2 protocol) saw gains of 40 percent. 

LTC launched a run October 21 following a low price of $49.55. The altcoin is set to have a bullish November. Litecoin prices have risen for five days straight since November’s beginning. The intraday record was $73.29. It was the highest intraday price this year since May. 

Most of LTC’s gains came on November 1st when the coin registered 15% gains in a single day. The main catalyst was MoneyGram’s An announcement LTCUSD price chart from that it’d allow U.S.-based customers to purchase LTC and other cryptos in its app.

Litecoin’s price is currently trading at above $67. | LTCUSD price chart from

LTC Can Keep Up the Momentum

Considering its present position, LTC’s upward trajectory might soon level off. The reason is that the cryptocurrency reached overbought highs during its bull run. The RSI Leading Indicator for Tokens signalled a potential reversal at the time this article was published.

Its price movement suggests that there is still room for sellers. The price of litecoin, for instance, has been climbing steadily within an upward channel since June when it hit rock bottom. It retested its line of resistance in the last week, raising concerns about a potential reversal towards the downside.

In reality, Litecoin gained up to 25 percent in the last week. Its efforts at breaking out of the lower region are probably diluted by quick profits from traders. This will be made more fragile by the lack of bullish pressure, which could allow bears to gain some ground. This is another great opportunity for short-sellers.

LTC Mining Difficulty Hits a New High

Based on Litecoin FoundationMining difficulty reached a record low of less than 18 million hashes. The mining difficulty of Litecoin has risen to 17.99 million hashes as of Friday, November 5. Block 2,363,707.

The spike in Litecoin’s mining difficulty suggests that additional miners have joined the network, increasing competition and making it more challenging to profit.

Featured image by Pixaby, chart from

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