Litecoin (LTC) Whales Accumulate Aggressively Ahead of July Summit, Despite Underperformance

Litecoin (LTC), the third largest proof-of-work (POW) secured blockchain with a total hash rate of around 969.52 TH/s, has attracted different opinions

Despite being the third largest proof-of-work (PoW) blockchain in terms of hash rate, Litecoin (LTC) has faced contrasting opinions regarding its performance in the crypto bull cycle. Some analysts believe that LTC is a “sleeping giant” poised for a massive surge, while others suggest it may be a “zombie altcoin” destined to underperform.

With a total hash rate of 969.52 TH/s, Litecoin ranks behind Bitcoin and Dogecoin in terms of PoW security. However, its macro consolidation has sparked differing perspectives among crypto enthusiasts.

Those who anticipate a strong performance from LTC point to its halving earlier this year, which reduced the overall miners’ rewards. They argue that this event typically precedes a price surge, as seen in previous Litecoin cycles. Additionally, they highlight the increasing whale accumulation, with whale investors showing no signs of slowing down in their aggressive LTC acquisition.

On-chain data reveals that, as of June 13, the total supply of LTC held by whales with more than $5 million in account balance has risen from 52.06 percent to around 52.513 percent by June 15. This surge in Litecoin whales coincides with a significant spike in active addresses.

According to Santiment, Litecoin’s active addresses have increased from 3.13 million to 4.54 million between June 7 and June 15. As reported by Crypto News Flash, this surge in activity could trigger bullish sentiments in the near term.

Moreover, the Litecoin network recently achieved a major milestone of 24 million ordinals on its blockchain, further enhancing its usability and attracting attention from NFT enthusiasts.

However, those who remain skeptical of LTC's ability to perform cite its lack of support for smart contracts, which has limited its DeFi and web3 capabilities. While other layer one blockchains are actively pursuing web3 integration, Litecoin continues to focus on the fundamentals of payments and crypto speculation.

This deficiency could hinder LTC's long-term growth potential, especially in an era where web3 development and interoperability are becoming increasingly crucial. To remain competitive, Litecoin may need to consider adopting a consensus method that supports web3, like Ethereum or Bitcoin through its layer two scaling solutions.

In terms of price action, LTC/USD is displaying a macro triangular consolidation pattern, with the apex currently around $70-$75. While the price has largely remained within this triangle, technical analysis suggests that a breakout or breakdown could occur.

If the current support fails to hold, LTC price may experience further declines towards $63, aligning with the Fibonacci retracement levels. However, if the bulls regain momentum, a breakout above $80 could lead to a rally towards $96-$102, completing the Fib extension targets.

Overall, Litecoin's performance in the crypto bull cycle has sparked contrasting opinions, with some anticipating a strong surge and others predicting continued underperformance. While whale accumulation, active addresses, and recent milestones indicate potential for growth, LTC's lack of smart contract support could limit its long-term prospects in the evolving web3 landscape.

News source：https://www.kdj.com/cryptocurrencies-news/articles/litecoin-ltc-whales-accumulate-aggressively-ahead-july-summit-underperformance.html

The above is the detailed content of Litecoin (LTC) Whales Accumulate Aggressively Ahead of July Summit, Despite Underperformance. For more information, please follow other related articles on the PHP Chinese website!