Litecoin Transactions Valued Higher Than $1 Million Have Surged
According to data from the on-chain analytics firm , the last two spikes led to significant rises in the price. The relevant indicator here is the “whale transaction count,” which measures the total number of Litecoin transactions taking place on the blockchain that involve coins worth at least $1 million.
When the value of this metric is high, it means there are a large number of whale transactions happening on the network right now. Such a trend suggests these humongous holders are actively trading currently.
The value of the metric seems to have been quite high in recent days | Source:As displayed in the above graph, the Litecoin whale transaction count has recently spiked and hit the highest values observed since December 28. This would suggest that whales have become active again.
In the chart, Santiment has also marked the trends that the price of LTC followed the last couple of times this cohort showed elevated activity. It looks like the most recent instance was last month when LTC’s price was observing some high volatility.
Following these large number of whale transactions, Litecoin soon formed a local bottom and went on to rally around 33%. Another instance of this trend was during the collapse of the crypto exchange FTX, where once again high values of the metric accompanied significant volatility in the value of LTC. After this instance as well, the crypto enjoyed some sharp uptrend as the price rose to 37% over the next few weeks.In some other news, the LTC mining hashrate (a measure of the total amount of computing power connected by the miners to the network) hit a new all-time high earlier today, which may also prove to be constructive for the price.
Litecoin's Hashrate hit an all time high today! ⚡798.43 TH/s⚡ — Litecoin (@litecoin)
LTC Price
At the time of writing, Litecoin is trading around $89, up 11% in the last week.Looks like the value of the asset has gone stale in the last few days | Source: