In November, the price of Litecoin (LTC) exceeded $ 285, then the cryptocurrency began to fall. As a result of the December and January sales, the altcoin fell in price to $ 127.
The rebound took place in the middle of this week. On January 12, LTC jumped more than 5% to $ 140.1. The cryptocurrency is recouping against the backdrop of the return of capital to risky assets.
On Friday, January 14th, LTC was trading at $ 136, with a local bottom reached around $ 127.
Analysts have recorded an increase in network activity since December. The average daily number of transactions on the LTC blockchain jumped to 110,741 this week (according to BitinfoCharts).
The massive pullback that Litecoin has demonstrated over the past several months hasn’t scared the whales. On the contrary, it is this category of investors who buys cryptocurrency for 15 weeks in a row, the report says Santiment teams.
🐳⚡️ #Litecoin is showing some signs of life, up about +5% against $ BTC in the past 2 days. Whale addresses holding 10k to 1m $LTC are in a 15-week accumulation pattern that is their longest since 2017. They have added 5% of $LTC‘s supply in just 15 weeks. https://t.co/76OWL8t3Al pic.twitter.com/nOspXIoPzw
– Santiment (@santimentfeed) January 12, 2022
The researchers found that since the end of September, the reserves of whale wallets holding from 10,000 to 1 million LTC have grown by almost 10%. The largest addresses show the longest accumulation in the last four years.
Most likely, it is due to the whales that the network activity is increasing. It is possible that this category of investors will try to return Litecoin to the values of November or even higher, and then they will dump the coin, as it was during the previous phases of turbulence, observers say.
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