Litecoin sees $1.74B of inflows in a day: fundamentals are greenlit

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:

Litecoin’s price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.

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.