Recent on-chain data reveals that Litecoin whales have been active, with the network handling numerous large transactions. According to market intelligence platform IntoTheBlock, the Litecoin network has seen a surge in activity from whale entities. The “Large Transactions Volume” indicator, which tracks transactions valued at $100,000 or more, indicates significant movement of LTC by these large investors.
When the volume of large transactions is high, it signals increased activity from whales in trading the asset. Conversely, a low volume suggests that large investors are not actively moving coins. Recent data shows that the Litecoin network has been processing an average of $2.85 billion in whale transactions daily, surpassing many other cryptocurrency networks.
The high whale activity on the blockchain can lead to increased price volatility, depending on whether whales are buying or selling. Despite the market cap of Litecoin standing at $5.1 billion, whales have been moving a substantial volume equivalent to more than half of the asset’s total valuation. In other news, Litecoin has been leading in transaction count on the BitPay payments processor this year.
In terms of price performance, Litecoin has seen a 14% surge over the past week, reaching the $68 level. This growth stands out compared to Bitcoin and other top assets that have struggled to recover. The price chart indicates a positive trend for Litecoin in the past week.
Overall, the recent surge in whale activity on the Litecoin network suggests a potential impact on price volatility and market dynamics.