Expect Whales To Push Up the Price of Litecoin (LTC) in Coming Months: Crypto Analytics Firm Santiment

0 7

knife

A leading crypto analytics firm says that Litecoin (LTC) whale activity is likely to drive LTC’s price upwards before the LTC halving.

In a new report, Santiment says the upcoming LTC20 halving, which cuts the amount of newly issued coins to miners in half, is expected to have a positive impact on the price of Litecoin.

Santiment says Litecoin’s on-chain volume is trending upwards rapidly, and will bode well for price if it continues.

“If this trend of increased on-chain volume continues, it will absolutely be a strong sign that some big players are beginning to jump in on their LTC investments in anticipation of the halving. Similarly, the amount of unique addresses interacting on the Litecoin network absolutely skyrocketed, suddenly reaching a greater than one-year high just as its price was bottoming out.

This was obviously a great signal that addresses were stocking up on what may be the only ‘discount’ before August 10th. Lastly, don’t be surprised if whales push up the price above $100 before an opportunity is given for one final dip. Halving events are known for creating some pretty shocking anomalies. And it has been interesting to see separate waves of 500-600 $1M+ daily transactions on the LTC network. And then all of a sudden, the amount drops by 95% for a week (as shown below).”

Source: Santiment

Santiment says that trading volumes could slow down in near the term, but then pick up again in mid-June as traders begin to anticipate the event.

Most realistically, because of this, we could see a path where the average trading returns on the short and mid-term time scales cool down for a week or two for Litecoin. And then, as we get within two months of the August event (around mid-June), don’t be surprised to see an even bigger wave of anticipation for LTC 20.

The Litecoin halving is scheduled to take place roughly on August 10, 2023.

LTC is trading for $91.48 at time of writing.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Check Price Action



Follow us on Twitter, Facebook and Telegram



Surf The Daily Hodl Mix


Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Expect Whales To Push Up the Price of Litecoin (LTC) in Coming Months: Crypto Analytics Firm Santiment appeared first on The Daily Hodl.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 70,691.94
ethereum
Ethereum (ETH) $ 3,561.11
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 583.20
solana
Solana (SOL) $ 188.08
staked-ether
Lido Staked Ether (STETH) $ 3,550.83
xrp
XRP (XRP) $ 0.62277
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.223465
cardano
Cardano (ADA) $ 0.64735
avalanche-2
Avalanche (AVAX) $ 54.14
shiba-inu
Shiba Inu (SHIB) $ 0.000032
the-open-network
Toncoin (TON) $ 4.89
polkadot
Polkadot (DOT) $ 9.49
bitcoin-cash
Bitcoin Cash (BCH) $ 573.41
chainlink
Chainlink (LINK) $ 19.09
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 70,791.97
tron
TRON (TRX) $ 0.12033
uniswap
Uniswap (UNI) $ 12.69
matic-network
Polygon (MATIC) $ 1.00
internet-computer
Internet Computer (ICP) $ 18.54
near
NEAR Protocol (NEAR) $ 7.13
litecoin
Litecoin (LTC) $ 94.13
aptos
Aptos (APT) $ 17.29
leo-token
LEO Token (LEO) $ 6.05
blockstack
Stacks (STX) $ 3.49
filecoin
Filecoin (FIL) $ 9.26
dai
Dai (DAI) $ 0.998373
cosmos
Cosmos Hub (ATOM) $ 12.20
ethereum-classic
Ethereum Classic (ETC) $ 32.47
arbitrum
Arbitrum (ARB) $ 1.66
render-token
Render (RNDR) $ 11.13
immutable-x
Immutable (IMX) $ 2.92
crypto-com-chain
Cronos (CRO) $ 0.153673
stellar
Stellar (XLM) $ 0.137488
the-graph
The Graph (GRT) $ 0.410892
hedera-hashgraph
Hedera (HBAR) $ 0.115511
mantle
Mantle (MNT) $ 1.20
okb
OKB (OKB) $ 63.51
dogwifcoin
dogwifhat (WIF) $ 3.82
optimism
Optimism (OP) $ 3.71
bittensor
Bittensor (TAO) $ 533.42
fetch-ai
Fetch.ai (FET) $ 3.27
injective-protocol
Injective (INJ) $ 38.47
vechain
VeChain (VET) $ 0.046229
maker
Maker (MKR) $ 3,646.81
pepe
Pepe (PEPE) $ 0.000008
kaspa
Kaspa (KAS) $ 0.13938
thorchain
THORChain (RUNE) $ 9.19
theta-token
Theta Network (THETA) $ 2.93
fantom
Fantom (FTM) $ 1.01
arweave
Arweave (AR) $ 41.55
lido-dao
Lido DAO (LDO) $ 2.88
sui
Sui (SUI) $ 2.09
first-digital-usd
First Digital USD (FDUSD) $ 0.998616
gala
GALA (GALA) $ 0.067431
monero
Monero (XMR) $ 135.57
celestia
Celestia (TIA) $ 14.20
floki
FLOKI (FLOKI) $ 0.000248
sei-network
Sei (SEI) $ 0.864535
algorand
Algorand (ALGO) $ 0.270781
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,922.37
flow
Flow (FLOW) $ 1.38
quant-network
Quant (QNT) $ 137.30
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,649.68
aave
Aave (AAVE) $ 127.29
beam-2
Beam (BEAM) $ 0.035605
bonk
Bonk (BONK) $ 0.000028
bitcoin-sv
Bitcoin SV (BSV) $ 94.26
conflux-token
Conflux (CFX) $ 0.478975
singularitynet
SingularityNET (AGIX) $ 1.39
jupiter-exchange-solana
Jupiter (JUP) $ 1.30
wrapped-eeth
Wrapped eETH (WEETH) $ 3,685.08
starknet
Starknet (STRK) $ 2.26
havven
Synthetix Network (SNX) $ 4.99
elrond-erd-2
MultiversX (EGLD) $ 60.81
dydx-chain
dYdX (DYDX) $ 3.48
bittorrent
BitTorrent (BTT) $ 0.000002
ribbon-finance
Ribbon Finance (RBN) $ 1.66
axie-infinity
Axie Infinity (AXS) $ 11.04
the-sandbox
The Sandbox (SAND) $ 0.688964
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,560.09
bitget-token
Bitget Token (BGB) $ 1.00
ethena-usde
Ethena USDe (USDE) $ 1.00
ordinals
ORDI (ORDI) $ 64.92
tezos
Tezos (XTZ) $ 1.40
ecash
eCash (XEC) $ 0.00007
worldcoin-wld
Worldcoin (WLD) $ 8.37
pyth-network
Pyth Network (PYTH) $ 0.907104
mina-protocol
Mina Protocol (MINA) $ 1.26
gatechain-token
Gate (GT) $ 9.87
flare-networks
Flare (FLR) $ 0.035643
ondo-finance
Ondo (ONDO) $ 0.923441
chiliz
Chiliz (CHZ) $ 0.143913
apecoin
ApeCoin (APE) $ 2.04
eos
EOS (EOS) $ 1.09
decentraland
Decentraland (MANA) $ 0.668974
ronin
Ronin (RON) $ 4.08
axelar
Axelar (AXL) $ 2.03
akash-network
Akash Network (AKT) $ 5.30