- Litecoin has recorded low whale transactions over the last few weeks as an analyst anticipates a bull run.
- The asset is reported to have disappointed in the just-ended rally and it could not live up to the expectations of investors after the halving.
Litecoin (LTC) is currently trading at $69.81 after managing a 7 percent surge in the last three months. Within the period, only $4.97 was added to its previous price. Litecoin is 2.6 percent down in the last seven days, and 1.56 percent down in the last 24 hours. In the past 30 days, the asset has only managed a 9 percent surge.
While many investors classify this as a disappointing run, Litecoin whales are reported to be triggering a massive rally. Speaking on this was market analyst Ali Martinez. According to him, there is a direct relationship between whale holdings and price movements. Whales have been observed to be holding a large quantity of the asset and could trigger a bull run if this trend continues.
Litecoin | There’s a fascinating correlation to observe – the link between $LTC whale holdings and its price movements. If this trend continues, a rise in #LTC whale holdings might just be the signal of the next price upswing.
IntoTheBlock data shows that while new whales may not be entering the market, the existing ones are not ready to liquidate their assets. The data indicated that whale transactions have reduced from 2.96K on Nov. 14 to 2.18K as of Nov. 18. Within this period, the asset recorded a marginal decline from $70 to $68. Compared to other altcoins, Litecoin has made little gains in the just-ended rally as the year-to-date gain is just 2.65 percent.
More on the Price Analysis of Litecoin
In the last six months, Litecoin has fallen by 18.96 percent. The gain recorded was linked to its milestone of reaching one million transactions in just a day.
According to IntoTheBlock, this figure was a new all-time high and nearly twice as high as the transaction of Bitcoin.
Litecoin just reached a massive milestone, hitting more than 1 million transactions in one day on the 14th of November. Not only is it a new all-time high for Litecoin, it’s also nearly twice as many transactions as Bitcoin on that day.
It also had an incredible increase in address activities with 797,000 daily active addresses. Bitcoin had 960,000 daily active addresses.
This year, Litecoin had its halving event which reduced mining rewards by half. This event mostly proceeds with a bull run, however, that was not the case this year. Investors liquidated their assets to send the price plummeting.
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#Litecoin’s price saw a marked decline after the anticipated halving event. This ‘sell the news’ scenario was foreseen by many, and long-term holders appeared to be well-prepared. The accompanying chart illustrates the average holding time of transacted coins. A spike indicates movement by long-term holders. Notably, during the upward trend, many long-term holders were actively transacting, likely selling into the rally. Conversely, the downturn was chiefly led by short-term holders.
The downward thread was linked to short-term holders selling to mitigate their losses. With less than 40 days left to enter a new year, analysts believe that Litecoin could surge to a maximum price of $125.66. On average, the asset could hit $104.72 before the year ends.