Litecoin (LTC) manages to hit the whales again. Known for their bottom-up purchases, these macro traders stand out for their huge LTC deals. Sentiment confirms that whales have recently gravitated towards certain altcoins, in particular Litecoin (LTC), Axie Infinity (AXS), Maker (MKR), Chiliz (CHZ). In addition, Santiment emphasizes that the number of transactions with altcoins has increased by 100%.
Past LTC Price Actions
Unfortunately, Litecoin failed to gain a foothold above this price after reaching the $302 mark on November 10. Price drops followed one after another after this resistance. LTC surprised the cryptocurrency market by falling to $91.52 on February 24. In this process, the whales are taking advantage of this decline, and it is clear that they have started to stock up on LTC.
At the time of this writing, LTC is trading at $131, down about 1.3% in the last 24 hours. LTC reached its historic ATH high on May 10, 2021 and was trading at $412. Currently, the LTC price is about 68% lower than this ATH. Thus, with these events, LTC regresses from the top 10 cryptocurrencies by market capitalization to the 21st place.
LTC with cautious progress
However, looking at the recent price changes, it is clear that LTC is recovering. Although there was a slight decline today, LTC has increased by almost 7% over the past week. In addition, it should not be overlooked that LTC increased by 14.6% on a monthly basis. While other altcoins of the crypto market, which are important from the point of view of market value, are showing tremendous growth, LTC, of course, cannot keep up with this growth.
Nevertheless, analysts say that LTC is close to the “green days”, both thanks to developments and solutions in the Litecoin network, and the organic influx of funds from whales. LTC has been trying to recover and climb since February 24. Although LTC’s efforts have not yet shown clear momentum, LTC is cautiously moving in the market with slow steps.
The information contained in this article is not investment advice. Investors should be aware that cryptocurrencies have high volatility and therefore risk, and should execute their transactions according to their own research.
