NAIROBI (Bingcrypto.com) — Despite the broader bear market, Litecoin (LTC) has quietly outpaced Bitcoin (BTC) in key performance areas since Aug. 2024. Backed by strong whale accumulation and real-world usage, Litecoin has shown surprising resilience. Currently, Bitcoin is priced at $56,189.23, with a modest 3.78% rise over the past month. In contrast, LTC/USD has surged by 13.83% in the same period, now trading at $66.16.
Whale Activity Shows Steady Interest
The LTC supply distribution chart as of August 7, 2024, displays 34,478 wallets with holdings ranging from 100 to 1,000 coins, representing a significant portion of LTC investors with moderate holdings. Meanwhile, 3,689 wallets hold between 1,000 and 10,000 coins, exhibiting noticeable fluctuations.
In addition to whale activity, LTC has seen a smaller portion of its total supply in profit. At the start of August, only 23.17% of LTC’s supply was profitable, rising slightly to 23.95% by the end of the month.
Adding to the accumulation trend, Grayscale, one of the largest cryptocurrency asset managers, recently expanded its holdings by adding 10,000 LTC to its portfolio.
Data from BitPay shows that LTC/USD continues to lead in cryptocurrency transactions. In Aug. 2024, LTC made up 38.04% of all crypto payments on BitPay, surpassing Bitcoin’s 25.2%. Ethereum and Bitcoin Cash trailed behind with 9.27% and 8.49%, respectively.
Analysts Weigh in on LTC Price Potential
Analysts are increasingly focusing on LTC’s current price action and its potential for growth. Marc suggested that LTC/USD is currently trading within a channel, and an upward breakout could push LTC higher soon. His analysis points to a key resistance level that, if breached, could trigger further gains.
Another analyst, Cryptoinsightuk, highlighted a possible bullish divergence on the LTC.D chart, suggesting a potential trend reversal. The analyst also noted that LTC’s performance against Bitcoin (LTC/BTC) has recently broken out of a prolonged pattern, hinting at a possible recovery.
Crypto analyst, 28 Crypto, revealed in an X post that LTC is breaking out against Bitcoin on a daily time frame. The crypto analyst noted how bullish this is for LTC, considering that it has experienced a “very long” downtrend against Bitcoin.
In response to a follower, the crypto analyst also mentioned that a breakout on the weekly time frame is also coming and asserted that LTC will rise higher than they can imagine. Interestingly, 28 Crypto has earlier stated that LTC will outperform all major cap coins including Bitcoin and Ethereum.
In a short-term outlook, Whales_Crypto_Trading revealed that Litecoin recently bounced off key support levels on the daily chart. He suggested that if LTC breaks out of its current channel, it could target the $100-$110 range in the coming days, further supported by the ongoing whale accumulation.
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