Price Analysis

Massive Whale Transactions Spotted on Litecoin and dYdX? Massive Rally On Horizon?

Author: Sohrab Khawas

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    The total crypto market cap has regained the pre-FTX level after Bitcoin topped $23k earlier this week. The altcoin market has recorded more gains in the past few weeks as it is customary for them to record higher volatility in both bull and bear markets.

    Altcoins with supporting fundamentals like Litecoin (LTC), dYdX (DYDX), and Aptos (APT) have recorded better results and analysts expect even better performance in the coming weeks. 

    Litecoin (LTC) Whales On the Hunt

    The Litecoin (LTC) market is one of the oldest in the industry, having forked from Bitcoin during the early years. According to our latest crypto price oracles, Litecoin is trading around $89.13, up 26 percent in the past 30 days. The upcoming Litecoin halving which is characterized by increased volatility both before and after the event has attracted significant attention from whale investors.

    “Litecoin’s large whale transactions have exploded with activity, indicating a resurgence of transactions that are valued at $1 million or more. On the tail end of the last two similarly sized whale spikes, prices jumped +37% and +33% at their peaks,” Santiment noted.

    Notably, the $6.42 billion valued digital asset is currently trading above pre-FTX levels and made an eight-month ATH.

    The PoW-secured blockchain is poised to rally further with a global support base of about 7,315,237 holders according to on-chain data.

    Positive Fundamentals Pushes DYDX Price Higher

    The dYdX cryptocurrency exchange has over 25k traders who clocked approximately $1,417,512,035 in 24-hour trading volume. Backed by some of the industry-leading ventures – including a16z, Paradigm, Polychain, and DeFiance Capital, among others – the governance token DYDX is well-positioned to rally further.

    Moreover, the dYdX foundation has postponed the lock-up period of DYDX tokens to December 1, 2023, which will mean more strong holders and liquidity in the long haul.

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