Litecoin Price Increased By More Than 10% After This Announcement

Over the last week, Dogecoin (DOGE) has invaded the crypto market, 

Gaining more than 80%. The Dogecoin price surge coincided with Elon Musk's acquisition of Twitter.

Now, another altcoin is decoupling significantly from the rest of the crypto market. In the last 24 hours, the price of Litecoin (LTC) has increased by about 16%, moving it closer to $64.

At the time of writing, Litecoin price is trading at 11.3% higher at a price of $61.6, with a market cap of $4.4 billion. On-chain data shows that LTC whale addresses have been steadily increasing since May 27, following the crypto market correction.

Furthermore, the LTC/BTC trading pair has increased by 25% in the last five months. 

What prompted LTC price to Jump

On November 2, MoneyGram, a global payments platform, announced that users would be able to buy, trade, and store digital assets such as Bitcoin, Ether, and Litecoin. This service will be offered in practically every state and the District of Columbia in the United States.

Considering MoneyGram's global presence, this might be a significant boost to Litecoin (LTC) adoption. Charlie Lee, the founder of Litecoin, shared the news, adding:

“Adoption is the most crucial thing for Litecoin, as I highlighted during the Litecoin Summit 2022 keynote. So I'm overjoyed that I can now buy Litecoin using MoneyGram! Thank you, Coinme, for making this possible. P.S. Yes, Litecoin is still alive and well to respond to the haters.”

As of now, $64 appears to be a resistance level above! A break above this level might spark a powerful rally. With its current price increase, LTC has regained all of its losses over the last three months. However, it is still trading at a discount of more than 50% year to date.

What are your thoughts on Moneygram's new crypto service? Please share your thoughts in the comments box below.

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