Altcoin
Is Litecoin Price Finally Ready for A Bull Run?
Litecoin price has been in a period of consolidation, with futures market open interest remaining subdued despite a rise in activity from large holders, often referred to as whales.
The coin is currently trading around $61, a level it has hovered at for the past two weeks. This price represents a 27% recovery from its August low, though it remains 44% below its highest point of the year.
Litecoin: Whales Accumulate Amidst Declining Active Users
As of writing, LTC price was up only 1% to $60,73, with its trading volume soaring 4.81% from yesterday. In addition, a recent Litecoin price prediction shows that the crypto could hit $70,97 by the end of the year. The movement in the price has mirrored that of Bitcoin, which surged to an all-time high of $73,800 in March before dropping to $49,000 in August. Bitcoin is now trading around $54,000.
Data from Santiment shows a notable uptick in whale purchases of this famous altcoin over recent weeks, suggesting that large investors are taking advantage of the lower prices. Additionally, the platform has reported a surge in social media mentions for Litecoin, indicating growing interest in the asset.
Additional data from Santiment indicates a significant decrease in daily active addresses for this altcoin in recent months. On Friday, September 6, LTC recorded over 327,000 active addresses, a sharp decline from the 801,000 active addresses observed in June.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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