Litecoin (LTC) jumped nearly 10% to about $71 on Thursday, its highest price since January, after the Litecoin Foundation said $1 billion moved across its network in a day.
Key Points:
- Litecoin gained nearly 8% in 24 hours while Bitcoin and other top 10 coins fell.
- More than 17 million LTC, worth about $1 billion, moved on-chain in a single day.
- Futures open interest topped $500 million as traders added leveraged positions.
Litecoin Network Activity
In a post on X, the Litecoin Foundation said more than 17 million LTC changed hands on the network in 24 hours, a measure it calls adjusted economic volume. The total fell short of the year's peak of $2.51 billion, recorded in May. Still, the foundation described the transfers as a clear sign of growing use on the chain.
The rally came as the rest of the market sold off. Bitcoin (BTC) fell about 3% over the same period and is up only 6% this month, while other top 10 coins showed similar weakness.
Spot trading volume nearly tripled from levels seen around Sept. 18, reaching roughly $948 million, as LTC swung between $59 and $69 during the session.
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Litecoin Halving, Derivatives
Traders are also leaning in through futures. Open interest in Litecoin contracts grew from about $370 million in mid-September to more than $500 million by Sept. 22, according to CoinGlass data. Some analysts now see $64 as key support for LTC and $71 as the next upside target if buying pressure holds.
Why Litecoin is outperforming remains unclear, but some market watchers point to its halving cycle, which cuts block rewards by 50% every four years. The token has tended to bottom six to 12 months before each halving, and the next one, due in July 2027, will reduce rewards to 3.125 LTC per block.
On the broader market, Alex Kuptsikevich, chief market analyst at FxPro, said a Bitcoin drop to $70,000 would be painful for short-term speculators. Such a slide would not undermine the bullish outlook, he added. He noted that Bitcoin lost more than half its value from its 2021 peak before it went on to reach new highs.
Litecoin Price Swings
The latest move extends a strong September for Litecoin, which climbed more than 8% to about $62 on Sept. 21, then its highest level since June, as trading volume nearly doubled. Prices are now up 37% this month, the best monthly performance since November 2024.
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