Litecoin Whales Are Back In The Game, Can Price Reach $100?
27 Ottobre 2023 - 9:00PM
NEWSBTC
Litecoin (LTC) whales are making their way back into the market
once more as the bull market establishes itself. A number of large
transactions have been flagged which suggests that these
millionaire accounts are coming out to play. Litecoin On-Chain And
Whale Activity Hit 4-Month High The Litecoin on-chain and whale
activity has been on the rise recently, as reported by the on-chain
analytics platform Santiment. In the report posted to X (formerly
Twitter), Santiment revealed that there had been a big spike in the
Litecoin on-chain activity. Related Reading: Bitcoin Price Rally:
Analyst Sets $45,000 Target And It’s Closer Than You Think The
chart shared by the tracker showed the spike taking place in line
with the price recovery, which would be the reason why investors
are awakening once more. Santiment noted that this recovery in
on-chain activity saw address activity on the blockchain, as well
as whale activity reaching levels not seen since June, representing
a 4-month high in this metric. A total of 319,000 daily addresses
were active on the network after this metric dropped drastically in
the last few months Additionally, weekly whale transactions, that
is transactions carrying more than $100,000 rose and touched a new
4-month high of 7,418. These are not the only metrics that saw a
spike as the dormant LTC address started seeing movement again.
These addresses which had previously not seen movement for a while
began to move coins around, adding to the current number of coins
in circulation. LTC Ready For A Shoot To $100? The revival of
on-chain activity for Litecoin is a welcome development for the
network but it is not exactly bullish. The reason for this is how
the LTC price has reacted since this activity commenced, which is
not very encouraging. Related Reading: SEC Demands $700 Million
Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps As the
dormant LTC started to move once more, the price began to decline.
This suggests that this subset of holders may be selling their
coins after holding and waiting for better prices. In this case,
the selling pressure has outweighed the demand for the coin. A
continuation of this will likely see the price continue to fall
further, and a recovery to $100 is still far off on the horizon. So
this recent bout of activity may just be investors choosing to sell
rather than coming back to participate in buying. The LTC price
already fell from its $69 level on Thursday to as low as $67 on
Friday before mounting a small recovery. Presently, the Litecoin
price is sitting at $67.8, representing a 2.14% decrease in the
last day. LTC sitting at $68 | Source: LTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
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