According to CoinMarketCap, the price of Litecoin shows an impressive upward trend, which is worth analyzing. The price of the token has increased by 28.05% in the last seven days and subsequently entered the top 20, according to the crypto asset price tracking website.

At the time of writing, the Litecoin (LTC) price was $68.65, with a 24-hour trading volume of $1,400,844,453. The token is down 1.59% in the last 24 hours. The cryptocurrency is ranked No. 19, with a live market capitalization 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 general crypto market downturn and is down 74% in the last year and 65% year-to-date. By comparison, Bitcoin is down 69% over the past year and 59% YTD.

Litecoin opened in 2022 at $150.80 and is down 54.39% today. At the time of writing, the price of LTC is $68.65, which is 0.76% higher than the previous trading day.

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

In addition to Litecoin, Moneygram also allows users to trade and store Bitcoin and Ethereal. However, since Litecoin has a much smaller market cap and far fewer followers, the news did not move Bitcoin and Ethereum in the same way that it did Litecoin.

Moneygram announced that users in nearly every US state and the District of Columbia can buy, sell, and hold Litecoin and other cryptocurrencies. As a result, Litecoin recently decoupled from altcoins and posted a massive rally against Bitcoin.

Litecoin price is recovering after the temporary decoupling from the crypto market. The token has seen an increase in the number of addresses holding 1,000 LTC or more. Litecoin has added 314 new whale addresses; these wallets contain 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 has now broken above the key resistance level at $60, which has served as a barrier to a breakout on several occasions.

Adding to the price surge, a few days ago Litecoin mining difficulty set a new record, peaking at just under 18 million hashes. Blockchian.News reported on the matter on November 6. The increase in Litecoin mining difficulty means that the competition increases as more miners enter the crypto network to reap the rewards.

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