The Crypto market is up again on November 23 after the FTX crash chapter. Investors’ attention is piqued by a 29% increase in the price of Litecoin. The global cryptocurrency market cap rose by 3% on November 23 to $819.18 billion, with most major cryptocurrencies trading in the green.
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However, the 24-hour volume of the cryptocurrency market dropped by 5% to $62.21 billion.
Could the recent rise in the price of Litecoin be attributable to whales?
Average trading returns on Litcoin have rocketed into the black as a result of this price increase. Following the FTX fall in the past 2 weeks, a new study claims that addresses holding 1,000 to 100,000 $LTC have amassed $43.4M in coins. Addresses with 1,000 to 100,000 LTC boosted their total bags by 2.71 percent in a single day last week, as prices kept climbing. The result is an increase in cost to well over $80 since May.
While reactions to FTX were cooling, Binance saw traders short at the highest rate in 5 months, suggesting that shorting on exchanges may have contributed to this sudden price spike. In light of the fact that the LTC price hit bottom while Binance shorts were at this levels back in June, a further upswing was expected.
The Glassnode analysis indicates that consumers are increasingly perceiving Litecoin as a store of value, rather than as a payment token.
After the FTX crash, the cryptocurrency market
To emphasise, cryptocurrency prices have been falling since the FTX collapse, and the cryptocurrency market has lost more than $1.4 trillion since that time. Over the course of the previous night, the total market cap of all cryptocurrencies globally dropped by 10.85%, to almost $900 billion.
Since the startling run on billionaire Sam Bankman-FTX Fried’s exchange, the bitcoin sector has undergone substantial transformation. Bitcoin has hit a two-year low, and FTX has likely evolved from what it was. There was a loss of almost $1.4 trillion in the bitcoin market.
Source: Google Trend
