Litecoin’s 89% Rally: Sharks Feeding on Bullish Crypto Market!
• Litecoin (LTC) has seen a strong rally of 89% since the market crash following the FTX collapse.
• On-chain data suggests that sharks have been behind this rally, accumulating 1.15 million LTC in two months.
• 2023 is an important year for Litecoin, with many developments and upgrades expected which could cause further price gains.
Litecoin (LTC) has seen one of the highest rallies among the top 20 largest cryptocurrencies, jumping over 89% since the market crash following the FTX collapse.
While there are a number of factors that could’ve prompted this news, on-chain data suggests that sharks are the likely culprit. Sharks Holding 100-10,000 Coins Went On A Feeding Frenzy According to a Sentiment report, these shark addresses holding between 100-10,000 LTC on their accounts went on a massive accumulation trend that saw them add a reasonable portion of supply to their holdings. Santiment reveals that in the two-month period, these addresses accumulated 1.15 million LTC – around 0.5% of the total LTC supply.
There was a significant uptick around this point coinciding with the increase in the price of Litecoin, and continued into January 2023 when LTC’s price movement had ramped up even further. This indicates that while accumulation by sharks may not have been the main driver of this rally, they may have played a significant role in it nonetheless. Further movements also point toward these shark addresses having an effect on its price – profit taking after hitting $97 led to its fall back down to $94 level again shortly thereafter.
Bull Case Not Destroyed
Despite profit taking by sharks over the last two months, its bull case is still intact – as long as there is still some gap between what was accumulated and what is being sold, then its price is expected to hold up relatively well overall.
Important Year for Litecoin
2023 is an important year for Litecoin with many developments and upgrades expected which could lead to further gains for its price throughout 2021 and beyond..