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The Litecoin (LTC) open interest data shows the coin has experienced a mild surge in the past 24 hours. Interestingly, the LTC open interest outlook has outpaced that of Bitcoin, a mild case of decoupling at a time when the broader digital currency ecosystem is seeing a drawdown.
Litecoin open interest data
Per data from CoinGlass, Litecoin's open interest has jumped by 1.4% in 24 hours as of press time. With this uptick, futures traders have committed 5.46 million LTC, which is worth $448.71 million.
Gamza KhanzadaevOpen interest figures show outstanding contracts, a sign of active trading on the derivatives market. Despite the price slump, the uptick in open interest has shown a renewed bullish shift from LTC investors. While the market is growing volatile overall, this Litecoin futures interest can help trigger a rebound in the coin's price.
Per market data, Bitcoin was changing hands for $81.08, down 6.33% in the past 24 hours. Litecoin has dropped even more on longer time frames, down more than 13% over the past week and 35% in the past month.
While what might fuel the coin’s rebound remains unknown, peaking open interest on Binance and OKX may help jumpstart the rally.
LTC back in spotlight
As U.Today reported in the past week, Litecoin whales returned to the spotlight, with more than 107 million LTC traded in one day. This whale emergence signals sustained confidence in the top coin's longer-term outlook.
Godfrey BenjaminWhile the bears are dominating the market at this time, top market experts like Peter Brandt recently spotted a buying opportunity on Litecoin’s chart. They are confident that the coin can revive its potential and soar as one of the top 10 best performers.
The potential Litecoin ETF product, which has the highest approval odds, also presents a positive future outlook for the digital currency.
Vladislav Sopov
Dan Burgin