Litecoin Whale Activity Surges Pushing LTC Price Above $105, What’s Next?

In contrast to the recent downturn affecting most altcoins, Litecoin‘s cryptocurrency, LTC, has demonstrated remarkable resilience, surpassing $105 on April 2, 2023. Currently, LTC is experiencing a slight decrease of 1.45%, trading at $100.32 with a market capitalization of 7.461 billion. Additionally, Litecoin‘s daily trading volume has significantly increased to 1.34 billion.

According to Santiment, a top-tier on-chain data provider, there’s been increasing action in the altcoin sector over the last 24 hours. Among them, Litecoin has stood out with significantly higher transaction volumes than previously seen in the past month. This indicates growing investor attention and involvement towards Litecoin.

An important observation to add is that there has been a noticeable decrease in the typical age of Litecoin investors recently. This could imply that major LTC investors, often referred to as “whales,” have transferred a large portion of their holdings into circulation. This significant movement by whales might be a positive sign for Litecoin’s price trend and the Holders Composition indicator.

Litecoin Whale Activity Surges Pushing LTC Price Above $105, What’s Next?

Photo: Santiment

At the same time, I find myself drawn to Litecoin for its appealing qualities, and noteworthy advancements are unfolding within its network.

More recently, the United States Commodity Futures Trading Commission (CFTC) announced that it considers Litecoin (LTC) and Ethereum (ETH) to be commodities. This announcement was made amidst an ongoing legal case involving crypto exchange KuCoin. The lawsuit mentioned these cryptocurrencies specifically.

“KuCoin processed orders and took on assets as collateral for margin trading. They facilitated the dealings of futures, swaps, and leveraged transactions using Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other digital commodities.”

Additionally, traders have gained renewed assurance with Coinbase Institutional’s introduction of Litecoin Futures. Yet, it’s important to note that the developers are persistently working on enhancing Litecoin by upgrading Core to version 0.21.3.

In this update, the standout feature is the introduction of Mimble Wimble Blocks (MWEB). This development could significantly enhance Litecoin’s scalability and privacy capabilities. MWEB serves as a crucial aspect, ensuring secure and private transactions while boosting overall trustworthiness.

LTC Price Action

Multiple market experts predict that Litecoin (LTC) prices may surge, potentially reaching $150. But this level might present significant obstacles for further growth.

Currently, Litecoin (LTC) is among the handful of assets in the top 100 that are reporting gains today. Its value has been surging strongly since it was categorized as a commodity by the Commodity Futures Trading Commission (CFTC). Consequently, approximately 75% of Litecoin investors currently find themselves in a profitable position.
Looking forward, we’re eyeing a notable on-chain…
— IntoTheBlock (@intotheblock) April 2, 2024

Based on IntoTheBlock’s data, approximately 8.16 million Litecoins are stored in approximately 590,000 wallets with a balance around $150. Several investors who purchased LTC in 2021 have chosen to keep their coins, anticipating selling opportunities as the price nears their purchase price. Consequently, Litecoin may encounter significant selling pressure in the future.

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2024-04-03 17:33