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Litecoin Price Momentum Gains Steam as Hash Rate Soars

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Litecoin

Litecoin has emerged as one of the best-performing cryptocurrencies in the world. LTC was actually soaring even before the recent crypto comeback. Its rally started in June last year when it settled to a low of $40.60. Since then, LTC price has surged by more than 123% and is now hovering at the highest level since May 9 of last year. 

Litecoin has outperformed BTC

Litecoin is a cryptocurrency that emerged from a software hard fork of Bitcoin. It was created to solve some of the biggest challenges that Bitcoin had such as high transaction costs and slow speeds. Instead of having a supply limit of 21 million, Litecoin has a limit of 84 million.

Therefore, being related to cryptocurrencies, Litecoin had a close correlation with Bitcoin for a long time. In most periods, it used to rise when Bitcoin was rising and vice versa. Recently, however, this correlation has faded. Litecoin has outperformed Bitcoin by far.

It is not clear why Litecoin has done better than Bitcoin. A likely reason is that activity in its network is robust. Data shows that Litecoin’s hash rate has jumped to 656 TH/s, which is slightly below the all-time high of 668 TH/s. 

Litecoin’s hash rate has been in a strong bullish trend in the past few years. It has moved from a low of 358 TH/s in February 2022 to 668 TH/s. Hash rate is an important metric that measures the health of a blockchain. A higher figure is usually a sign that the network is healthy.

LTC price forecast

litecoin price

The daily chart shows that the Litecoin price has been in a strong bullish trend in the past few days. It is being supported by the 25-day and 50-day moving averages. The coin also moved above the important resistance level at $84.94, the highest point on December 5. 

By moving above that level, it invalidated the double-top pattern that was forming. Therefore, the coin will likely continue rising as buyers target the next psychological level of $100. The stop-loss of this trade will be at $85.

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IMX Price Double-Tops Ahead of Immutable X Token Unlocks

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IMX crypto price pulled back on Friday as investors waited for the upcoming token unlock that is scheduled for Saturday. The token rose to a high of $0.675, which was slightly above the intraday low of $0.6513. It remains a few points below this year’s high of $0.7500. 

Immutable X token unlock

Immutable X is a relatively small blockchain that plays an important role in the non-fungible token (NFT) industry. It is a layer-2 network that is focused on the non-fungible token (NFT) industry. A layer-2 network is a sidechain that handles transactions at a faster pace and at lower costs than Ethereum.

These networks, which include networks like Polygon, Arbitrum, and Optimism, handle transactions at a significantly lower cost. That’s because Ethereum is well-known for its substantially slow speeds and high transaction costs.

As a result, Immutable X has become a favorite blockchain for developers to launch their NFT collections. Data compiled by CryptoSlam shows that Immutable X handles tens of millions of NFT collections on a daily basis. In January, it has handled $11.3 million NFTs, lower than the $14 million that it processed in December. At its peak, it was handling over $53 million worth of NFTs per month.

Immutable X’s IMX token price retreated slightly ahead of the upcoming token unlock that will happen during the weekend. A token…

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Cardano Price Gains Momentum as DeFi and NFT Ecosystem Wakes Up

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Cardano price has been in a strong bullish trend in the past few weeks, making it one of the top-performing cryptocurrencies. ADA, its network token, has risen to a high of $0.39, which was the highest point since November 8. It has jumped by over 58% from the lowest level in 2022.

Cardano DeFi ecosystem rebound

Cardano price has been in a strong recovery as activity in its network do well. Data compiled by DeFi Llama shows that the total value locked (TVL) in Cardano’s DeFi ecosystem has been in a strong recovery as cryptocurrencies rebound. After falling below $60 million in 2022, the TVL has bounced back to about $102 million.

A closer look shows that most DeFi platforms are doing well. For example, MinSwap has seen its TVL jump by over 41% in the past 30 days. It has a market dominance of 31.4%. In the same period, Meld has seen its TVL soar to over$17.59 a million, making it the second-biggest DeFi platform in Cardano.

Other top players in the ecosystem are Indigo, WingRiders, MuesliSwap, and SundaeSwap have all seen their TVLs jump by double-digits, as shown in the chart below.

Cardano NFT…

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Aptos Price Continues to Defy Gravity as Activity Rises

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Aptos price has been one of the best-performing cryptocurrencies in 2023 as it roared to its highest point on record. APT jumped to a high of $20.45, the highest point on record. In all, it has jumped by more than 493% from the lowest level of all time. 

Why Aptos is soaring

Aptos is one of the fastest public blockchains in the world. It is an Ethereum rival that acts as a foundation for developers to build adaptive and high-quality applications across all sectors. The network, which is well-funded, has excellent speeds of more than 10,000 transactions per second.

Aptos has gained a lot of traction in the past few months. A good way to look at it is to consider the volume of assets that have been locked in the ecosystem. Data compiled by DeFi Llama shows that Aptos has a total value locked (TVL) of more than $75 million. 

The number of apps in its ecosystem has been on a steady growth in the past few months. According to DeFi Llama, the number of DeFi apps in its ecosystem have grown to 16. It has a total value locked (TVL) of more than $75.65 million, making it one of the biggest players in the industry. 

PancakeSwap is the biggest app in its ecosystem with a TVL of over $34 million. This…

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