After hitting highs earlier in January, Litecoin [LTC] whales have stamped their authority in the market again as large transactions hit peak levels.
According to Santiment, whale transactions around the $1 million region hit 2023 highest on 25 January. Details from the on-chain platform showed that there were over 100 transactions within the range on the said date.
However, the circumstances of this spike have been different from the last two occurrences. The previous two times Litecoin hit such a pinnacle, there were notable increases in the LTC price. Meanwhile, the coin has only gained 1.07% in the last 24 hours.
Nevertheless, this has not deterred the confidence of its long-term holders. According to Glassnode, the Litecoin reserve risk was 0.00069— a considerably low value. The reserves risk measures the belief that holders of an asset have in it.
All Comments