- Litecoin continues its positive run amid the crypto market crisis, as whale accumulation has increased LTC prices in recent weeks.
- Santiment noted that the rapid rise in the price of LTC and its market capitalization is due to a flurry of whale activities.
For most of the current bear market, whale activities have increased on many crypto networks, including the Litecoin network, which witnessed a significant accumulation of its LTC token. Per the crypto analytic platform Santiment, major whales are hovering over the peer-to-peer payments platform to accumulate as many LTC tokens as possible.
According to Santiment, Litecoin addresses holding over 1 million LTC have owned their highest LTC supply since June 2017. In addition, the addresses of the top whales show that they have already accumulated 2.95 million LTC, valued at $219.6 million, over the past five weeks, as revealed by Santiment. According to current Coingecko data, LTC trades at $78.51. The asset is up by 4.1 percent over the past 24 hours and over 45 percent in November.
However, the 13th-largest crypto asset by market cap is currently down by more than 81 percent from its all-time high of $410.26, achieved in May 2021. Nevertheless, a crypto trader with the alias DonAlt said in a video posted on his YouTube account that LTC is showing signs of a bullish rally and is bracing up for a bullish run similar to the leading digital asset, BTC.
The trader noted that LTC had recently shown a solid move to the upside; a bit of intense buying pressure can trigger another strong move. DonAlt added that LTC had seen two red weeks that are little compared to the token’s attempt to move upward. As a result, the investor stressed that the asset’s movement indicates a swing to active trading, which is necessary for any potential price uptrend.
He also said, “despite the slow pace, LTC is preparing for a potential bull trend where massive movement upward is possible with a low pullback before further expansion on the upside will occur.”
Will Litecoin Remain a Top Crypto Asset?
In light of the recent broader market downturn that has affected the majority of crypto tokens due to the FTX debacle, LTC has, surprisingly, moved in the opposite direction. As of November 24, in the heat of the FTX contagion, LTC’s price was up by 35 percent, trading at a high of $81.52. Thus, the coin was among the few trading in the green zone despite the turbulence affecting the entire crypto ecosystem.
Meanwhile, the price pump has significantly increased Litecoin’s market cap and replaced Shiba Inu and Solana by grabbing the 13th spot among other top crypto assets. However, Santiment noted that the rapid rise in the price of LTC and its market capitalization is due to a flurry of whale activities. More whales have been accumulating LTC, with addresses holding 1 million tokens and above accumulating more.
With the surge in the price of Litecoin amid the market correction, the debate over the asset’s status as a top crypto, given its performance, is worth reconsideration. However, the Litecoin network has shown tremendous growth and potential with high scalability and decentralization, making it a top pick for investors.
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