Litecoin (LTC) whales are on a buying spree. Therefore, according to analysts, it is possible that the altcoin price will increase in the coming hours and days. Meanwhile, Polygon (MATIC) has become one of the top choices of Ethereum whales.
“Altcoin prepares for bullish move”
Despite the current bear market, whale activity has increased on many crypto networks, including the Litecoin Network. According to crypto analytics platform Santiment, big whales are accumulating as much LTC as possible. For this, it circulates on the peer-to-peer payment platform.
According to Santiment, Litecoin addresses with over 1 million LTC have the highest LTC supply since June 2017. Additionally, Santiment says the addresses of the largest whales have accumulated 2.95 million LTC worth $219.6 million in the past five weeks. According to current Coinecko data, LTC is trading at $78.51. The asset is up 4.1% in the last 24 hours and over 45% in November.
However, LTC is the 13th largest crypto asset by market cap. It is also currently down more than 81% from its ATH level of $410.26, which it reached in May 2021. LTC is currently showing signs of a bull rally. Also, the leading digital asset is poised for a similar bull run to BTC.
Analysts also note that LTC has shown a solid upward movement lately. Along these lines, they say some heavy buying pressure will trigger another strong move. Analyst DonAlt adds that LTC has only seen two red weeks compared to its attempt to move up. In conclusion, the analyst emphasizes that the asset’s movement indicates a return to active trading, which is necessary for any potential price increase. In this context, DonAlt notes:
Despite the slow pace, LTC is poised for a potential bullish trend where a major upside move with a low pullback is possible before further expansion to the upside occurs.
Will Litecoin remain the biggest crypto asset?
cryptocoin.comAs you follow, the FTX collapse affected most of the cryptocurrencies. Therefore, the broader market has lost some serious footing lately. In this environment, LTC surprisingly moved in the opposite direction. On November 24, as the FTX epidemic spread, LTC was up 35% to trade at $81.52. Thus, the altcoin became one of the few cryptos to trade in the green zone despite the turbulence affecting the entire market.
Meanwhile, the price increase has significantly increased Litecoin’s market value. The altcoin ranks 13th among crypto assets, replacing SHIB and Solana. However, Santiment states that the rapid increase in the price and market value of LTC is due to volatility in whale activity. More whales are accumulating LTC. Also, addresses holding 1 million and more accumulate more.
With Litecoin’s price surge amid the market correction, the debate over the asset’s status as the largest crypto is worth re-evaluating given its performance. Also, the Litecoin network has shown tremendous growth and potential with high scalability and decentralization. This has made it the top choice for investors.
Biggest ETH whales buy Polygon (MATIC)
According to WhaleStats data, Polygon (MATIC) topped the list of top 10 cryptocurrencies of Ethereum whales. According to data gathered from whale statistics, ETH whales bought MATIC for $3.7 million. In addition, according to Whale Alert’s MATIC data, $9.2 million worth of transfers were made from Binance to another wallet. ETH whales currently hold $18 million worth of MATIC at a concentration of 2.48%. Currently, the DAI stablecoin is the largest coin held by ETH whales with a concentration of 2.57%.
Altcoin price analysis
Polygon’s 2022 minimum price is $0.859914. Also, the MATIC price increased to a maximum of $ 0.979902. The estimated average transaction price is $0.949905. At press time, the MATIC price is $0.9239. According to analysts, it is possible that the price will increase in the coming days, due to the MATIC accumulation of whales.
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