Litecoin (LTC) whales are trading at their highest levels since early 2021, says crypto analytics firm Santiment
Blockchain analytics firm Santiment says Litecoin’s biggest holders have started moving LTC at levels not seen in almost a year.
Santiment says that on April 14, LTC transactions worth more than $100,000 hit their highest level since May 2021 as volatility in crypto markets exploded.
“Litecoin’s key stakeholders have been quite busy over the past week as massive transactions took place near the price bottom earlier in the week. The 5,508 LTC transactions valued at over $100,000 were the highest total in 11 months.”
Source: Santiment/Twitter
Litecoin is currently at $111 and is down over 72% from its all-time high of $410.
Looking to Bitcoin (BTC), the analytics firm says that while bullish sentiment is illuminating social media, on-chain data shows market participants are not yet betting the bottom is in.
“If we put it all together, it looks like it represents the following sentiment from the crowd: whatever is happening below is unconvincing. Surprisingly, people don’t spend their money entering anything related to bullish cases. There is bullish talk but we are not seeing any action on the chain.
We think it’s a good sign. We trust onchain data. But the overall amount of news that is still positive is a little worrying. Too high expectations.
We might need another dip. But for the short-term metrics we’ve seen lately, there’s a good chance we should go a bit higher.”
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