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Litecoin sees higher whale activity: Santiment
The post Litecoin sees higher whale activity: Santiment appeared on BitcoinEthereumNews.com. Litecoin, a peer-to-peer cryptocurrency, remained in a consolidation phase as open interest in the futures market remained muted and as whale activity rose. LTC whale activity increases Litecoin (LTC), created by former Google engineer Charlie Lee, was trading at $64, where it has been stuck at in the past two weeks. This price is about 27% above its lowest point in August and down by 44% from its highest point this year. The price action correlates with Bitcoin (BTC), which jumped to a record high of $73,800 in March, dropped to $49,000 in August and was trading at $54,000. According to Santiment, Litecoin has seen a significant increase in whale-buying activity in the past few weeks, a sign that some of them are buying the dip. Santiment has also observed a big increase in the number of social media mentions. ⚡️ Litecoin is seeing a consistently higher level of whale activity than usual since late August. On top of this, the level of discussions toward the 19th ranked market cap OG asset has erupted in a big way. Whether or not you are a fan of LTC, this is worth keeping an eye on. pic.twitter.com/qmxUu2dxBI — Santiment (@santimentfeed) September 7, 2024 However, more Santiment data shows that daily active addresses have retreated sharply in the past few months. Litecoin had over 327,000 active addresses on Friday, Sep.6, down from 801,000 in June. Litecoin daily active addresses | Source: Santiment The other big issue is that Litecoin’s futures open interest has been muted in the past few months. Interest in the futures market stood at over $243 million on Sat. Sep 7, down from the year-to-date high of over $708 million. Futures open interest is an important metric in the financial market because it shows the outstanding contracts that are yet…
The post Litecoin sees higher whale activity: Santiment appeared on BitcoinEthereumNews.com.
Litecoin, a peer-to-peer cryptocurrency, remained in a consolidation phase as open interest in the futures market remained muted and as whale activity rose. LTC whale activity increases Litecoin (LTC), created by former Google engineer Charlie Lee, was trading at $64, where it has been stuck at in the past two weeks. This price is about 27% above its lowest point in August and down by 44% from its highest point this year. The price action correlates with Bitcoin (BTC), which jumped to a record high of $73,800 in March, dropped to $49,000 in August and was trading at $54,000. According to Santiment, Litecoin has seen a significant increase in whale-buying activity in the past few weeks, a sign that some of them are buying the dip. Santiment has also observed a big increase in the number of social media mentions. ⚡️ Litecoin is seeing a consistently higher level of whale activity than usual since late August. On top of this, the level of discussions toward the 19th ranked market cap OG asset has erupted in a big way. Whether or not you are a fan of LTC, this is worth keeping an eye on. pic.twitter.com/qmxUu2dxBI — Santiment (@santimentfeed) September 7, 2024 However, more Santiment data shows that daily active addresses have retreated sharply in the past few months. Litecoin had over 327,000 active addresses on Friday, Sep.6, down from 801,000 in June. Litecoin daily active addresses | Source: Santiment The other big issue is that Litecoin’s futures open interest has been muted in the past few months. Interest in the futures market stood at over $243 million on Sat. Sep 7, down from the year-to-date high of over $708 million. Futures open interest is an important metric in the financial market because it shows the outstanding contracts that are yet…
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