Whale Bought Litecoin And dYdX Up In The Last Two Weeks, LTC Rises?

Cryptocurrency Litecoin. (Photo; Doc. Exness)

JAKARTA – The Litecoin cryptocurrency (LTC) is showing good performance in the crypto market. In the last 90 days, the price of LTC has risen more than 80 percent in the last three months. LTC managed to attract the attention of investors.

On-chain data shows that addresses of large LTC holders have increased activity, indicating a resurgence of transactions worth $1 million or more. On-chain data provider Santiment reported that in two previous spikes of the same size, LTC prices surged 37 percent and 33 percent at their peaks.

According to the CryptoPotato report, market analysts believe that LTC will continue to be one of the altcoins being watched by investors this year as a massive halving event will occur in the second half of 2023. This is expected to be a major catalyst for LTC to develop further. Some analysts expect the price of Litecoin (LTC) to rise to as high as $150 or more.

“Litecoin's big whale transactions have exploded with activity, indicating a resurgence of transactions worth 1 million dollars or more. At the end of the last two whale spikes of the same size, prices jumped +37 percent and +33 percent at their peak,” wrote Santiment in a statement.

Apart from LTC, dYdX crypto has also experienced a price increase of 30 percent in the last 24 hours. This increase was triggered after the dYdX Foundation announced a delay in the release of their 150 million tokens from February to December this year.

The participation of large buyers in the dYdX market can be seen from the current price which is trading at 1.99 US dollars. The Santiment report notes that “dYdX has been a bright spot in the quiet altcoin market, with 986 active addresses on the dYdX network indicating a major increase in utility.” In addition, there were 10 large purchase transactions of $1 million or more today.