We don’t need to tell you how important miners are in the Bitcoin and altcoin universe. Especially sales activities are always on the agenda of miners. Now there is another wave of sales. Let’s see which altcoin is this sales wave.
Miner sale for 2 altcoins
Over the past month, altcoin Litecoin (LTC) has shown a steady upward trend. However, the latest data shows that Litecoin miners are making massive profits. It also points out that it has led to the LTC price falling. Despite the general market conditions, Litecoin’s growth trajectory continued to be remarkable. However, these latest developments seem to change the dynamics. Litecoin’s Relative Strength Index (RSI), an indicator that tracks the speed and change of price movements, has dropped below 50. Accordingly, this indicates that the trend may reverse. RSI is just one of many metrics. However, this drop below the midline suggests that the bears may be taking control.
Altcoin LTC’s slow but steady rise over the past 29 days has made investors watch the coin closely. The uptrend is neither exponential nor sharp. However, the steady increase was a positive signal for many investors. On the other hand, this trend was interrupted by the collective profits of miners. What makes this case interesting is the stable volume of Litecoin trading. Despite price fluctuations and profit making activities, the trading volume remained around 150 thousand. This stability in trading volume could mean there is still steady interest in Litecoin among investors, despite the current downturn.
Fall risk for Shiba Inu
Altcoin Shiba Inu continues to lose its backbone as the number of SHIB billionaires falls. According to the latest data, this elite group is declining rapidly. According to the latest statistics, only 0.7% of SHIB owners are now considered billionaires for SHIB. This drop in the percentage of billionaires is a clear indication that profit making has become a dominant trend in the SHIB market. Interestingly, the percentage of large SHIB owners is declining. However, some metrics, such as net flow of large owners, show a different story. The seven-day change in the net flow of large holders reaches an astonishing 1,024.86%. Accordingly, this typically indicates an increase in buying pressure. On the other hand, the 30-day change presents a different picture, down -22.71%. There are these ups and downs. However, over a longer period, the 90-day change shows an overall positive trend of +199.49%.
However, these percentages are misleading. Despite these large percentage changes, the actual increase in altcoin SHIB volume is far less significant. This discrepancy can be attributed to the volatility of the crypto market and the massive supply of SHIB currently standing at one quadrillion cryptocurrencies. The decline in the number of billionaire owners and the increasing profit-taking behavior indicate a significant shift in SHIB market dynamics. This shows that while few investors continue to hold large amounts of SHIB, many prefer to take profits, thus contributing to increased market volatility.
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