Litecoin Whales On The Move — Can They Drive LTC Price Back To $75?
08 Setembro 2024 - 1:00PM
NEWSBTC
The latest on-chain data shows that Litecoin (LTC) whales have been
increasingly active in the market in recent weeks. The question is
— can they push the altcoin’s price comeback? Litecoin Whale
Activity Ignites In a new post on the X platform, on-chain
analytics firm Santiment revealed a sustained increase in whale
activity on Litecoin. The relevant indicator here is the whale
transaction count metric, which tracks the number of whale
transactions (worth more than $100,000) executed on a blockchain
network per day. Related Reading: Helium (HNT) Network Expansion
Fuels 13% Gains Despite Faltering Market Whales refer to entities
that hold a large amount of a particular cryptocurrency and have
significant influence over the market due to the size of their
holdings. Whale behavior and activity are often scrutinized and
analyzed, as they can provide insight into market dynamics and
potential price movements. According to Santiment, the number of
Litecoin transactions worth more than $100,000 has been on the rise
since late August. Typically, an increase in this metric suggests
that whale activity is increasing on the Litecoin network, which
could be a bullish catalyst for the LTC price. It is worth noting,
though, that the increase in the whale transaction count could mean
either accumulation or distribution. If LTC whales are loading
their bags, it could indicate an impending price growth. On the
flip side, a sell-off by the large holders could put Litecoin’s
price at risk. Moreover, the altcoin seems to be on the lips of
most members of the crypto community, as its social dominance has
also been climbing. The social dominance metric reflects the share
of discussion in crypto media that pertains to a particular
coin/token or phrase. This metric relies on social volume, which
measures the total number of social posts that contain a particular
crypto subject. The social dominance for an asset compares its
social volume to the combined social volume of the 100 largest
assets by market capitalization. The recent uptick in whale
activity and social discussions could signal an imminent price
breakout for Litecoin. “Whether or not you are a fan of LTC, this
is worth keeping an eye on,” Santiment said in its post. LTC Price
At A Glance As of this writing, the price of Litecoin stands around
$62, reflecting a 1.5% decline in the past 24 hours. According to
data from CoinGecko, the altcoin is down by nearly 5% in the past
week. Related Reading: Bitcoin Fear & Greed Index Falls To
Extreme Fear, Is The Bottom Close? Featured image from Unsplash,
chart from TradingView
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