Accumulate

Litecoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-litecoin-despite-market-volatility/" data-wpel-link="internal">Whales Accumulate Litecoin Despite Market Volatility</a> 
While the <a href="https://en.coin-turk.com/new-crypto-product-bridges-traditional-finance-and-cryptocurrency/" data-wpel-link="internal">crypto </a><a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> continues to experience fluctuating <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> movements filled with uncertainty, on-chain data reveals a different situation. Whales have been purchasing Litecoin, one of the leading cryptocurrencies in the market. 
<h2 style="text-align: justify" id="litecoin-whales-accumulating">Litecoin Whales Accumulating</h2> 
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 <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> 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: 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-348449" src="https://coin-turk.com/wp-content/uploads/2024/05/ltc-btc-usdt-coin-turk-com.png" alt="" width="1229" height="628"> 
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. 
<h2 style="text-align: justify" id="ltc-price-outlook">LTC Price Outlook</h2> 
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. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-litecoin-despite-market-volatility/" data-wpel-link="internal">Whales Accumulate Litecoin Despite Market Volatility</a></h5>

Whales Accumulate Litecoin Despite Market Volatility

Table of Contents

COINTURK NEWS

Other articles published on May 7, 2024

Bitcoin Rebound: What’s Its Impact on Top Cryptos

Solana (SOL) Might Reclaim $160, But This Needs to Happen First

Australia’s Tax Office Tightens Rules for Crypto Exchanges: Implications for Bitcoin (BTC) and Et...

Trader Names One Altcoin As ‘AI Bet’ for 2024, Updates Outlook on Two Additional Crypto Assets

Bitcoin (BTC) Nears $60,000: Market Indicators Point to Potential Oversold Conditions

Unveiling Ripple’s Future Plans for XRP at 2024 Las Vegas Crypto Conference

Join our free newsletter for daily crypto updates!