Published Nov 20, 2023 11:16AM ET
Cryptocurrency markets have noted a slight uptick in Litecoin’s (LTC) price today, as it trades at $70.36, marking a 1.36% increase. Analyst Ali Martinez pointed out that LTC’s price stability above $70 coincides with a pattern of whale accumulation. This observation comes after a week where the number of large transactions by LTC whales decreased from around 3,000 to just over 2,000, which was accompanied by a dip in LTC’s value below $69.
Despite facing challenges throughout the year, with only a minor year-to-date (YTD) increase of nearly three percent and an approximate six-month decline of one-fifth of its value, there is an air of optimism surrounding Litecoin. Analysts forecast that if the trend of whale accumulation persists, there could be an improvement in LTC’s performance by the end of the year.
The correlation between whale activities and price stability suggests that significant holders of Litecoin could play a crucial role in the cryptocurrency’s market movements. As the end of the year approaches, investors and analysts alike will be watching closely to see if this pattern continues and what impact it may have on Litecoin’s value going forward.
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Written By: Investing.com