A prominent crypto analytics platform says that whale transactions centered around Litecoin (LTC) and the native tokens of Binance are drastically on the rise.
According to the market intelligence firm Santiment, investors should keep an eye on Bitcoin (BTC) alternative LTC, Binance Coin (BNB) and BUSD, Binance’s proprietary stablecoin, as transactions valued over $1 million that include these digital assets are surging.
“Litecoin whale transactions have been much higher than normal in the second half of December. Additionally, Binance’s native tokens BNB and BUSD are both seeing high spikes in $1 million-plus valued transactions of their own. Keep these assets on your radar.”
Binance Coin is trading at $246 at time of writing while Litecoin is changing hands for $66.93.
Santiment also says that news events played a major role in influencing the direction of the crypto markets in 2022.
According to the analytics platform, crypto prices are likely to recover once the fear, uncertainty and doubt (FUD) revolving around the COVID-19 pandemic, the Federal Reserve’s interest rates hikes, the Russia-Ukraine war and the multibillion-dollar collapse of FTX exchange start to ease.
“2022 has arguably been the most evidential year of crypto markets being impacted by news events. As the year ends, traders are monitoring COVID-19, FTX and Sam Bankman-Fried, interest rates and Russia-Ukraine War news. As FUD on these four topics ease, prices likely rise.”
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Featured Image: Shutterstock/jamesteohart
