Litecoin, the 19th-largest cryptocurrency by market cap, has experienced a notable increase in its whale transactions over the last month. This new development has reignited hope for a potential price rally above the $90 mark. Consequently, investors are closely watching the price movement to capture significant gains.
Litecoin (LTC) Whale Accumulation Surge Exponentially
Meanwhile, recent data from IntoTheBlock, a real-time crypto market intelligence tool, paints a clear picture of the volume of whale transactions of Litecoin over the last 30 days. According to the data from Coinstats, the price of Litecoin has traded between $78.5 to %84.5 within the last seven days. However, with this recent whale transaction surge, the price of the token might be set for a potential rally soon.
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Per IntoTheBlock data, Litecoin whales have accumulated a massive 2,751,633 LTC tokens in the last 30 days. The increase in whale transactions signals bullish sentiment and confidence surrounding the token. Also, IntoTheBlock noted that these whale addresses had a net inflow of more than 900,000 LTC on May 10, signifying the highest daily amount since February 2024.
Litecoin whales accumulated 2,751,633 LTC in the past 30 days.
On May 10th, these addresses had a net inflow of over 900k $LTC, the highest daily amount since February. pic.twitter.com/oDR4QG1Xjt
— IntoTheBlock (@intotheblock) May 20, 2024
The increase in whale activity points to a proactive approach to profit from a possible spike in Litecoin’s price, reflecting market confidence in the cryptocurrency’s future direction. As the global crypto market actively waits for an expected post-Bitcoin halving rally, investors strategically position themselves ahead of this time.
Litecoin (LTC) Price Movement Today
Meanwhile, the price of Litecoin has spiked today. According to Coinstats data, the price of LTC is currently $83.19, representing a 0.66% increase in the last 24 hours. What is more, the trading volume over the recorded time has jumped by 11.53% to $260.3 million. Consequently, Litcoin (LTC) now has a live market cap of $6.24 billion.
However, signals from the derivative markets point to a major obstacle for LTC bulls close to the $86 barrier. If Litecoin’s price rises above $85.9, bearish traders may suffer significant losses—more than $5.8 million on leveraged SHORT contracts, according to data from Coinglass’ Liquidation heatmap.
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