While the crypto market continues to experience fluctuating price movements filled with uncertainty, on-chain data reveals a different situation. Whales have been purchasing Litecoin, one of the leading cryptocurrencies in the market.
Litecoin Whales Accumulating
According to data provided by on-chain analysis firm Santiment, a user identified as X found that crypto whales were buying Litecoin during price declines.
A notable indicator here is the “Supply Distribution” which shows the total amount of Litecoin currently held by different wallet groups in the market.
Addresses or investors are divided into these groups based on the number of coins they currently hold in their balances. For example, the 1-10 coin group includes those who own at least 1 and no more than 10 LTC.
Considering the current topic, the whale cohort stands out. It is important to remember that these whales are defined as addresses holding between 10,000 and 100,000 LTC.
Calculations at current prices indicate that the lower limit of this range is approximately $820,000, while the upper limit is calculated to be about $8.2 million.
The following graph shows a trend in the Supply Distribution specifically for LTC:
As the graph indicates, there has been a recent increase in the Litecoin Supply Distribution among investors holding between 10,000 and 100,000 LTC.
These accumulations by whales are happening concurrently with the downturn in the cryptocurrency. A similar trend was observed in April, where whales did not hesitate to buy.
Considering the purchases made by whales at these levels, it can be concluded that they view this level as potentially ideal for buying, though not definitively.
Naturally, as long as this sentiment of rise continues among these influential institutions, Litecoin could see a recovery move. This indicator should be considered in the near future, as if these investors instead start selling, further declines could occur for the asset.
LTC Price Outlook
The price drop on the Litecoin side continues. The most recent price movement indicated a 0.66% drop, reflecting a price of $80.90.
LTC’s market cap fell to $6 billion after a 0.75% decrease. Despite this decline, there was a noticeable increase in the 24-hour trading volume.
After a 50% increase, the trading volume rose to $400 million. This volume positioned LTC as the 21st most traded cryptocurrency in the market.
