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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Litecoin (LTC) Jumps 19%: What’s Behind The Rally?

Keshav Verma
Keshav Verma
6 months ago
3 mins read
Litecoin

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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 – great news for both investors and Litecoin casinos that process transactions in the digital currency.

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Below is a chart that shows how the recent performance of the coin has looked.

Litecoin Price Chart
Looks like the price of the coin has witnessed an explosion recently | Source: LTCUSDT on TradingView

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:

Litecoin Sharks & Whales
The value of the metric seems to have been on the rise in recent days | Source: Santiment on X

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.

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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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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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