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In less than two hours, Whale Alert, a popular blockchain detective who tenaciously monitors large-scale cryptocurrency movements and shares details on its website and X Platform, made a huge Litecoin transfer to the Binance exchange. discovered.
This large chunk of LTC that is about to be sold has caused an uproar in the crypto community. This deposit comes amid an unexpected rise in Litecoin’s price.
200,000 LTC hits Binance from Anon wallet
The transfer carrying 200,000 LTC to Binance was made earlier today, and the amount was worth $12,765,026.
The community greeted the news of this huge Litecoin transfer to Binance, the world’s largest cryptocurrency exchange, with high levels of enthusiasm. Some users believe that this LTC deposit is a sign that a major market move for Litecoin could be coming. Others believe that after Bitcoin has been dubbed “digital gold,” digital silver, as Litecoin was once called, could see a significant decline.
In April of this year, Litecoin reached a local high of $109 per coin, a price level last seen in July 2023. Currently, LTC is trading at $63.33, which is about a 36% drop from the peak reached on April 1st, to $84.2. % from LTC’s all-time high of $412.96 on May 10, 2021.
In the past 24 hours, Litecoin rose 3.24% and reached the $64 price mark. But since then, LTC has fallen almost 1%.
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A bullish turnaround for LTC may be near: Santiment
According to a recent report by popular on-chain data aggregator Santiment, discussion of LTC on social media has decreased recently. This news was followed by a massive and sudden liquidation of 45,020 online wallets that held between 0.1 and 1 LTC.
Santiment commented that small investors and traders are exiting this “old gang” digital asset. However, Santiment’s analytics team believes that a price reversal for this coin could be on the horizon and things could start to turn bullish again if small traders show impatience and start capitulating. I think it shows.
⚡️ Litecoin has not set social forums on fire, with its market value down -36% since its peak on April 1st. The sudden liquidation of 45.2K net 0.1-1 LTC wallets shows that small traders are finally capitulating from OG crypto assets. Impatient little fish… pic.twitter.com/qiZ9B72eG6
— Santiment (@santimentfeed) August 27, 2024
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