Litecoin Whale Transactions Set New 2023 High, Bullish?

News BTC

On-chain data shows Litecoin whale transactions have jumped to new highs for 2023 recently. Here’s how this may impact the crypto’s price.

Litecoin Transactions Valued Higher Than $1 Million Have Surged

According to data from the on-chain analytics firm Santiment, 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.

How To Get Free Crypto  

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.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

As the volume of coins involved in transfers like these is very sizeable, a high amount of whale transactions can sometimes cause noticeable effects on the market. Thus, whenever the indicator’s value is high, LTC is likely to see more volatility than usual.

Now, here is a chart that shows the trend in the Litecoin whale transaction counts over the last few months:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The value of the metric seems to have been quite high in recent days | Source: Santiment on Twitter

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.

Coinbase Banner  

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.

Since the Litecoin whales are active right now, the crypto could soon witness similarly high volatility. Though, which way this volatility may ultimately take the coin’s price is uncertain, as while these whales could be buying right now (which would be bullish), they could just as well be selling with these transactions (naturally a bearish factor).

However, if the last two occurrences of this pattern are anything to go by, Litecoin might just go on to see runs similar to those that followed these previous instances.

FreeBitcoin Banner  

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.

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: LTCUSD on TradingView

Featured image from Kanchanara on, charts from,

Go to Source
Author: Hououin Kyouma

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.