Litecoin’s (LTC) Rapid Rise Due To Old Whales – Santiment
In less than a month, the price of litecoin has reached a high of over $83. As of the time of writing this piece, litecoin sells for $83.16—quite impressive given the situation of the market.
The famous crypto currency data firm, Santiment, has pegged the reason for the recent move of inactive tokens in several sizable accounts that have been accumulating LTC for a couple of months now. LTC holders have been enjoined to be careful and not get carried away with the current situation.
The Largest Token Movement Since 2018
According to the famous crypto data firm Santiment, the largest transfer of tokens from inactive accounts since 2018 happened recently with the move of Litecoins, which according to the firm caused the recent rapid surge in the coin.
Due to the deplorable state of the crypto industry, for the last few weeks, crypto currencies have suffered a significant decrease in their respective prices. However, it came as a surprise when litecoin (LTC) witnessed a rapid surge, increasing by a whopping 8% and now currently being at over $80 dollars.
Santiment then took to its Twitter page to release a link explaining the reason behind the surge. According to the crypto data firm, the rapid rise was largely because of the move of inactive Litecoins from sizable wallets that have been stored and have accumulated over the last few months.
Santiment went further to assert that since the last move in 2018, it is the largest inactive token movement in the cryptocurrency industry. LTC holders have been urged to exercise due caution in their affairs, as it is likely that bullish metrics will play a fast one on them.
Santiment Not Entirely Accurate
The position of Santiment has been held by many as not entirely accurate, if not misleading. According to them, the move of sizable amounts of LTC onto the network should give the coin’s price some extra support.
This is because it does not in any way finance bullish investors wanting to drive up its price. According to them, history has continually shown that the movement of inactive coins has served as a precursor to a market-wide increase in selling pressure.
Santiment did not take into consideration where the assets are headed, and as such, the firm’s assessment should be taken with a pinch of salt.
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