- Litecoin address activity and whale transactions hit levels previously seen in June 2023.
- Dormant LTC tokens are on the move, indicating that a higher volume of Litecoins are circulating among traders.
- LTC price is likely to recover with bullish on-chain metrics.
Litecoin price reversed its gains on Friday, despite on-chain activity signaling rising interest from market participants. LTC’s on-chain address activity and whale transactions spiked, hitting levels seen nearly four months ago.
Also read: SEC to consider up to ten Bitcoin ETF applications as markets price in approvals
Litecoin on-chain metrics signal bullish outlook
Based on data from crypto intelligence tracker Santiment, LTC noted a rapid rise in on-chain movement towards the end of the week. Address activity and whale transactions hit levels seen in June 2023.
Santiment charts reveal that dormant LTC tokens witnessed a big spike, indicating that more coins are being circulated among market participants. After trending below 5,000 for the past month, on October 26,the total volume of whale transactions, valued at $100,000 or higher, hit 7,418 in Litecoin. Another key milestone was the movement of dormant LTC tokens. The most number of LTC wallets that were inactive previously moved LTC – the highest volume in the past six weeks.
According to Santiment, daily active addresses climbed to 319,000, the largest spike since June 2023. These on-chain metrics support a bullish outlook on LTC while the altcoin’s price struggles to recover.
LTC on-chain metrics reveal bullish outlook
LTC price rallied nearly 10% over the past week, riding Bitcoin’s coattails. LTC declined 1.5% on Friday, however. An increase in Litecoin reserves on exchanges, or whales shedding their LTC holdings could negatively impact LTC price, sending it lower.
Rising demand from market participants, supported by bullish on-chain metrics could kickstart a recovery in Litecoin. At the time of writing, LTC price is $67.69 on Binance. The altcoin started consolidating early on Friday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.