• The on-chain platform Santiment reported that Litecoin [LTC] whale transactions in the $1 million region hit a high of 2023 on 25 January.
• According to Glassnode, the Litecoin reserve risk was 0.00069, indicating a high level of confidence in holding the cryptocurrency.
• After hitting highs earlier in January, Litecoin [LTC] whales have once again stamped their authority in the market with large transactions hitting peak levels.
The past few weeks have been an interesting one for Litecoin [LTC], with the digital currency reaching new highs and whales exhibiting a high level of confidence in the coin. According to on-chain platform Santiment, whale transactions around the $1 million region hit 2023 highest on 25 January. This marks the third time that transactions at this scale have occurred, with the previous two occasions leading to notable increases in the LTC price.
Meanwhile, Glassnode reported that 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, and with the LTC price incredibly down from its all-time high (ATH), it matches the viewpoint of unwavering trust in holding the cryptocurrency.
The whales‘ actions were in contrast to what they were involved in a few days back as most sold off part of their holdings. However, the resurgence in large transactions has made it clear that the whales are still very much in the Litecoin market.
It is difficult to state with certainty what the direction of Litecoin will be in the future, but with whales seemingly increasing their stake in the digital currency, it could be an indication of a potential uptrend. Only time will tell what the future holds for the popular cryptocurrency, but one thing is certain— Litecoin has a strong base of supporters who are willing to back and invest in it, regardless of the current market conditions.