bullish

Litecoin

April

Litecoin’s value has plummeted by 36% since peaking on April 1st. The crypto asset hasn’t been generating much buzz on social forums either, as per latest data.
Meanwhile, a certain cohort of small LTC holders have been quietly exiting the market. However, this has ignited interest in a potential bullish reversal shortly.
According to Santiment’s findings, there has been a sudden liquidation of 45.2k net wallets holding between 0.1-1 LTC which suggests that small traders are losing confidence and capitulating on Litecoin.
This exodus of small-scale holders, often dubbed “small fish,” could be a significant indicator of a potential bullish turnaround, as such behavior historically precedes price rebounds in established assets like Litecoin.
The crypto analytic platform <a href="https://x.com/santimentfeed/status/1828269348802437299" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">tweeted</a>,
<blockquote>
 “Small fish impatiently ‘jumping ship’ is often a turnaround sign for an asset to begin turning bullish once again.”
</blockquote>
Jay Milla, the director at Litecoin Foundation, recently <a href="https://x.com/MillaLiraj/status/1825958677066690947" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shared</a> data compiled by IntoTheBlock, which revealed significant growth in Litecoin’s on-chain activity.
He noted that the on-chain volume has more than doubled over the past year, demonstrating the network’s increasing usage and robustness.
Specifically, the volume surged from 196 million LTC moved on-chain during the week of August 14, 2023, to over 412 million LTC in the last week. This steady rise in on-chain transactions could potentially evidence growing adoption, even amidst market fluctuations.
Litecoin is currently trading at $63 after a modest decline of nearly 2% over the past day.
The post <a href="https://cryptopotato.com/small-litecoin-ltc-fishes-are-jumping-ship-heres-what-it-means/" rel="noopener noreferrer nofollow">Small Litecoin (LTC) Fishes Are ‘Jumping Ship,’ Here’s What it Means</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Small Litecoin (LTC) Fishes Are ‘Jumping Ship,’ Here’s What it Means

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