As seen above, LTC opened trading on May 1 around the $79.50. But at the time of writing on May 16, Litecoin price has reached $83, reflecting only a 4% upswing for the month.
However, Litecoin appears to be underperforming by a large margin. Compared to LTC’s 4% bounce, the TOTAL Cap chart which captures the real-time growth in the cumulative market capitalization of all listed crypto assets, has increased by 15.1%.
Whales Invest $80 Million to front-run LTC Breakout
Litecoin’s underwhelming sideways price performance in the first-half of May 2024 has been well-documented. However, recent on-chain data trends shows crypto whale investors have been making large volume LTC purchases this week, likely to front-run a potential price breakout.
The Santiment chart below tracks real-time swings in LTC balances controlled by whale wallets holding a minimum of 10,000 LTC (~$800,000).
