- Litecoin price is likely to begin its post-halving recovery with two catalysts in the crypto ecosystem.
- Grayscale’s win against the SEC and the massive surge in Litecoin transactions on the crypto payment processor BitPay could fuel a recovery.
- Nearly 5 million addresses have held Litecoin for over a year, showing confidence in the current market conditions.
Litecoin network’s long-term holders continue to show confidence in the altcoin despite the price drop post-halving. A recovery in the altcoin is likely in the presence of recent catalysts in the crypto ecosystem.
Litecoin price trades for $67.77 on Binance at the time of writing. The altcoin has yielded a 4.58% gain for holders over the past week.
Litecoin price could recover with these two bullish catalysts
Grayscale, a digital asset management company, landed a historic win against the US Securities & Exchange Commission (SEC), acting as a catalyst for altcoins in the crypto ecosystem.
The asset manager’s victory in the spot Bitcoin exchange-traded fund (ETF) case fueled bullish sentiment among investors in the crypto ecosystem with top-ten assets yielding gains for holders overnight.
Grayscale’s win is, therefore, likely to act as a catalyst for Litecoin’s recovery. LTC ranks 15th in terms of market capitalization among cryptos.
IntoTheBlock, an on-chain data intelligence tracker, observed that nearly 5 million addresses have held Litecoin for over a year. This is double the count from last year’s 2.55 million and signals rising confidence among LTC holders.
Litecoin addresses by time held as seen on IntoTheBlock
Alongside confidence from long-term holders, there has been a notable increase in LTC transactions, according to crypto payment processor BitPay. Litecoin has seen a 50% increase in the percentage of use on BitPay, between spring and summer.
From spring to summer, Litecoin has seen a 50% increase in the percentage of use on @BitPay – The the leading crypto payment processor in the world.— Litecoin Foundation ⚡️ (@LTCFoundation) August 26, 2023
Litecoin is accelerating $LTC ⚡️ pic.twitter.com/wGsKZHT3gT
The above developments are likely to catalyze a recovery in the altcoin. At the time of writing, Litecoin price is $67.77, and the asset has yielded 21.548% gains for holders over the past year.