Over the last 24 hours, Litecoin has experienced a significant surge of approximately 19%. Let’s examine some on-chain data to understand potential reasons for this upward trend.
Litecoin Has Overperformed Market With A Strong Surge In The Last 24 Hours
Yesterday, the overall cryptocurrency market experienced a rebound, however, Litecoin notably excelled, surging over 19% and pushing its value past the $120 level.
Below is a chart that shows how the recent performance of the coin has looked.
Over the past day, only XRP (XRP) and Hedera (HBAR) have matched Litecoin’s returns among the leading digital assets based on market capitalization. However, when it comes to weekly gains, Litecoin is outperformed by several other coins, with a rise of merely 16%.
Perhaps examining the actions of major cryptocurrency investors might shed light on what’s driving the market surge.
LTC Sharks & Whales Have Been Buying Recently
In their recent update on platform X, Santiment, a leading on-chain analytics company, has delved into the current movement in the distribution of Litecoin among large investors (sharks and whales), focusing on the Supply Distribution indicator which monitors the total quantity of Litecoin currently held by specific wallet groups.
Investors or wallets are categorized into groups depending on the quantity of coins they possess. For example, the category holding 1 to 10 coins consists of all wallets that contain anywhere from 1 to 10 units of the asset.
When it comes to our discussion subject, we’re focusing on two groups: sharks (representing large investors) and whales (representing extremely large investors). If we consider LTC (Litecoin), their investment range stretches from 10,000 LTC all the way up to the maximum amount. At the current exchange rate, this lower end of the range equates to approximately $120,000. Therefore, only those with substantial holdings would fit into these investor categories.
Keeping tabs on large investors, or “whales,” in the crypto market could be beneficial because as they accumulate more coins, their actions might significantly impact the value of the cryptocurrency they’re invested in.
Presently, I’d like to share with you a graph provided by the analytics company which displays the evolution of Litecoin supply distribution among ‘sharks’ and ‘whales’ over the past couple of months.
Or, more casually:
Here’s a chart from our analytics friends showing how the Litecoin big fish (sharks and whales) have been shifting their supply around for the last few months.
According to the graph, the total supply held by major Litecoin investors (sharks and whales) has increased lately, indicating they’ve likely been buying more Litecoin than selling it.
Altogether, they purchased approximately 250,000 tokens, equivalent to around $30 million, during this recent uptick in the market indicator over the past week. Considering the timing, it’s likely that these token holders have contributed significantly to the recent increase in price.
In the upcoming days, we can keep an eye on the trend as a rise might indicate a positive outlook (bullish) for Litecoin. Conversely, a drop could suggest a negative sign (bearish).
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2025-01-17 06:40