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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Bullish Signal: Shark And Whale Addresses Hit 2-Year High

Keshav Verma
Keshav Verma
2 years ago
3 mins read

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On-chain data shows the combined Litecoin address count of sharks and whales is now at a 2-year high, a signal that could be bullish for the asset’s value.

Litecoin Addresses Holding More Than 1,000 LTC Now At Highest Level Since 2020

As per data from the on-chain analytics firm Santiment, LTC has been climbing strongly since the population of these large addresses began to rise. The relevant indicator here is the “Litecoin Supply Distribution,” which tells us how many addresses (or holders) belong to each wallet group in the market currently.

Addresses are put into these wallet groups based on the total number of coins that they are currently holding. For example, the 1-10 coins band includes all addresses that are holding between 1 and 10 LTC right now. The Supply Distribution metric for this band would then measure the total amount of such addresses that are there in the market currently.

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Now, the wallet groups of interest in the current discussion are those with at least 1,000 LTC. Since there is no upper bound here, all balances ranging from this amount to infinity are stacked together. Here is the Supply Distribution chart for these Litecoin address bands:

Litecoin Sharks And Whales

Looks like the value of the metric has been sharply going up in recent days | Source: Santiment

As the above graph displays, the value of the indicator for Litecoin addresses falling inside this range has been rising since May of this year. Holders that have 1,000 or more coins in their wallets are sharks and whales, so this uptrend implies that the total number of these large investors has been going up in the last few months.

Just recently, the address count of these holders hit a value of 4,232, which is the highest value recorded in more than two years. From the chart, it’s also visible that while these sharks and whales have been increasing in number (and hence accumulation has been going on), the LTCBTC ratio has seen a rise of more than 130%.

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Since this accumulation hasn’t seemed to have slowed down recently, it’s possible that it could sustain further appreciation in the price of Litecoin heading into 2023. LTC’s next halving, an event where its supply production would be cut in half, is also scheduled to take place in the August of next year and has historically had a bullish effect on the price as well.

LTC Price

At the time of writing, Litecoin’s price floats around $67, up 4% in the last week.

Litecoin Price Chart

The value of the crypto seems to have declined during the past day | Source: LTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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