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Litecoin Price Struggles Despite Surge In On-Chain Activity And Whale Transactions
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Litecoin (LTC), the digital asset that has been operational for 12 years, saw a surge in on-chain activity and whale transactions, reaching four-month highs, and indicating increased market interest. Despite this, the cryptocurrency experienced a decline in value early Friday, October 27, 2023.
Sentiment data revealed a sharp rise in the on-chain movement towards the end of the week. Dormant LTC tokens significantly increased, suggesting more circulation among traders. On Wednesday, October 26, whale transactions valued at $100,000 or higher hit 7,418 in Litecoin. Concurrently, previously inactive wallets started moving LTC in large volumes - a six-week peak.
The number of daily active addresses rose to 319,000 - the largest spike since June 2023. This suggests a bullish outlook for LTC despite its price struggles. The cryptocurrency rallied nearly 10% over the past week but declined by 1.5% on Friday.
Despite a 1.35% dip on Friday, Litecoin is trading at $68.65 and has seen a 6.42% price increase in the past week. However, it's experiencing a bearish correction and if this trend hits the $66 support zone, a rebound is expected.
The current LTC price is $67.69 on Binance. Increased Litecoin reserves on exchanges or whales shedding their LTC holdings could send it lower. However, rising demand from market participants combined with bullish on-chain metrics could kickstart a recovery in Litecoin.
The digital asset recorded a 3% drop in trading volume ($353,198,358) but maintained an average of 319,000 daily active addresses and 7,418 whale transactions. Its trajectory is closely linked to Bitcoin's positive fundamentals such as potential Bitcoin ETF approval by the SEC which could lead to a significant performance boost for Litecoin.
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