Litecoin whales are in the accumulation phase; time to buy?

On-chain analysis on the Litecoin (LTC) shows that whales are in the accumulation phase, which has been growing in recent days.

Litecoin on-chain data, price and whales accumulating

According to data from santiation, the addresses of whales with 10,000 to 1 million Litecoin accumulated 5% of the total supply in the last 15 weeks, or nearly four months. On-chain analysis notes that this streak is the longest since 2017, while suggesting signs of life for the altcoin.

Litecoin whale santiment chart

The price of LTC has been steadily decreasing since reaching $302 on November 10th. The price drop led to the low of $131.50 on Jan 10, from which it saw a slight rally. Meanwhile, the whales bought and hoarded.

At press time, Litecoin is trading for $144.82, or BRL 802.17, according to the Coingolive.

At the current price, LTC is down -62.66% from the all-time highs of BRL 2,148.55 reached on May 10, 2021.

Litecoin currently ranks 22nd in the market capitalization ranking, with R$55.64 billion and 82.64% of its total supply already in circulation.

Time to buy?

The movement of Litecoin whales is bullish and could indicate a future rise in prices, but we cannot forget that in the past the creator of LTC was accused (and convicted) of practicing wash trading with the coin on Coinbase, while working for the company. part-time.

Market manipulation allegedly took place when Charlie Lee created buy and sell orders with multiple accounts, creating liquidity and trading volume that was not real, with the aim of generating FOMO and getting new buyers.

At the time, the marketing on the coin was focused precisely on the volume and great liquidity of the asset, which was later proven to have been 99% caused by fake accounts of its own creator, a whale of Litecoin.

At the time (December 11 to 17, 2017), LTC appreciated +32,186% in a week on the USD pair.

Litecoin also stands out for offering faster transactions and with much lower fees than the Bitcoin (BTC).

It is a fork of the market leader’s code with some protocol changes that make blocks discover faster and manage to solve part of the scalability problem.

The currency is widely used by traders to send capital between exchanges.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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