Litecoin (LTC) Jumps 19%: What’s Behind The Rally?
17 Janvier 2025 - 4:30AM
NEWSBTC
Litecoin has observed a sharp increase of over 19% in the past day.
Here’s what on-chain data says could be behind the rally. Litecoin
Has Overperformed Market With A Strong Surge In The Last 24 Hours
The past day has seen recovery from the cryptocurrency sector as a
whole, but Litecoin in particular has stood out with its impressive
rally of more than 19%, which has taken its price beyond the $120
mark. Related Reading: XRP, Bitcoin Recovery Only Short-Lived? TD
Sequential May Suggest So Below is a chart that shows how the
recent performance of the coin has looked. Among the top digital
assets by market cap, only XRP (XRP) and Hedera (HBAR) have shown
comparable returns to Litecoin during the last 24 hours. In terms
of weekly profits, though, LTC still lags behind many coins with an
overall uplift of just 16%. As for what could be providing the fuel
for the rally, perhaps behavior of the key investors of the
cryptocurrency could provide some answers. LTC Sharks & Whales
Have Been Buying Recently In a new post on X, the on-chain
analytics firm Santiment has discussed about the latest trend in
the Supply Distribution of the Litecoin sharks and whales. The
“Supply Distribution” here refers to an indicator that keeps track
of the total amount of LTC that a given wallet group is holding
right now. Addresses or investors are divided into these cohorts
based on the number of coins that they are carrying in their
balance. The 1 to 10 coins group, for instance, contains all the
wallets holding between and one and ten tokens of the asset. In the
context of the current topic, two cohorts are of interest: sharks
and whales. The combined range for these investors could be defined
as 10,000 LTC to infinity. The lower end of the range is equivalent
to around $120,000 at the current exchange rate, so the only
holders who would qualify for these groups would be the sizeable
ones. As the influence of any investor in the market goes up the
more coins that they hold, the sharks and whales can be worth
keeping an eye on since their movements may end up reflecting on
the cryptocurrency. Now, here is the chart shared by the analytics
firm that shows the trend in the Supply Distribution of the
Litecoin sharks and whales over the last few months: As displayed
in the above graph, the Litecoin sharks and whales have seen their
total supply go up recently, which suggests that these large
investors have been participating in net accumulation. In all, the
groups have bought a total of 250,000 tokens (around $30 million)
during this surge in the indicator over the last week. Given the
timing, it’s probable that these holders have had a part to play in
the latest price rally. Related Reading: Social Media Turns Bullish
On Dogecoin, Solana As Market Rebounds The metric could now be to
monitor in the coming days, as a continuation of the uptrend in it
may spell a further bullish outcome for Litecoin. A decline, on the
other hand, could be a bearish signal. Featured image from Dall-E,
Santiment.net, chart from TradingView.com
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