Analytics firm Santiment says crypto whales have spent the most recent part of the bear market devouring peer-to-peer payment network Litecoin (LTC).
santimento Note Litecoin addresses with over 1 million LTC hold the highest level of available LTC supply since June 2017.
These so-called “mega whales” have amassed 2.95 million LTC worth $219.6 million over the past five weeks, according to analytics firms.
Litecoin is trading at $76.99 at the time of writing. The 13th largest crypto asset by market capitalization is up 3.44% over the past 24 hours and over 44% over the past month. LTC is down more than 81% from its all-time high of $410.26 set in May 2021.
Pseudonymous crypto trader DonAlt says in a new YouTube video that Litecoin looks bullish and may be preparing its next foothold against Bitcoin (LTC/BTC).
“[LTC] There was a strong lateral upward movement [trading]another strong move upwards, and honestly two red weeks [the] Move up. At first glance, you can see that this is basically landscape orientation.
With the left side removed, this looks like typical bull market behavior. There is a large upward movement and a shallow pullback before expansion. [toward] rising again.
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Featured Image: Shutterstock/Zastolskiy Victor