Bitrabo Editorial
Recent on-chain data reveals that Litecoin whales have been actively engaged in the network, executing numerous significant transactions.
Recent Record Large Transaction Volume for Litecoin
Data from the market intelligence platform IntoTheBlock indicates a surge in whale activity on the Litecoin network.
One of the key metrics monitored is the “Large Transactions Volume,” which tracks the total LTC amount moved via transactions valued at $100,000 or more.
This volume represents the actions of these significant investors, as only whales possess the capacity to execute such substantial transfers, indicating their active participation in asset trading when the metric is high.
In contrast, a low indicator implies reduced attention from large investors towards the cryptocurrency, indicating fewer coin movements by significant entities.
The chart below illustrates the trend in Litecoin’s Large Transactions Volume in recent times:
The graph indicates a recent increase in Litecoin’s Large Transactions Volume, averaging $2.85 billion in whale transactions daily.
Insights from the analytics firm highlight that this volume surpasses most Layer 1 cryptocurrency networks, including those with larger market caps than LTC.
Comparing to Dogecoin, which sees $590 million in large transactions with roughly three times Litecoin’s market cap, illustrates the significant activity among Litecoin whales.
Given Litecoin’s current market cap of $5.1 billion, the whale transactions account for over half of the asset’s total valuation.
Increased whale activity typically leads to heightened asset price volatility, influenced by whether whales are actively buying or selling.
In other reports, Litecoin has dominated the transaction count on the BitPay payments processor this year, showcasing its transactional popularity.
LTC Price Movement
While Bitcoin and other major assets struggle to recover, Litecoin has experienced a 14% surge in the past week, returning to the $68 mark.