There was a major decline in Litecoin (LTC), which rose to over $110 in 2023 due to the halving effect.
When this downward trend combined with the trend in the general market, LTC dropped to $ 55.
Afterwards, LTC continued its horizontal movements and approached 73 dollars with the upward movements in recent days. However, Litecoin, which could not continue this, gave back some of its gains.
With this withdrawal, Litecoin reached the level of $ 67.7, while the LTC network experienced increasing movement throughout this week.
At this point, analytics platform Santiment stated that Litecoin address and whale transactions have reached new peaks.
Stating that the number of LTC addresses has increased throughout this week, Santiment stated that whale activities have reached levels not seen since June.
“Litecoin saw rapidly increasing on-chain movement towards the end of this week, with Litecoin address and whale activity reaching levels last seen in June.
Additionally, the number of sedentary LTCs suddenly experienced a large increase; This is usually an indication that more coins are starting to circulate. “
⚡️ #Litecoin saw rapidly rising #onchain movement to end the work week, with address activity and whales both hitting levels last seen in June. Additionally, dormant $LTC suddenly had a big spike, usually indicative of more coins beginning to circulate. https://t.co/ILZua1tEzV pic.twitter.com/MT1MZ2K15i
— Santiment (@santimentfeed) October 27, 2023
Evaluating this activity in LTC, analysts predicted that although a downward correction is currently ongoing in Litecoin, the increase in on-chain transactions in LTC could turn the downward trend into an upward trend in the near future.
Analysts also pointed out that Litecoin has a close correlation with Bitcoin and stated that the expected significant price increase in BTC in the future may also move the price of LTC upwards.
*This is not investment advice.
