Blockchain analytics firm Santiment says Litecoin’s biggest holders have started moving LTC at levels not seen in nearly a year.
Santiment says that on April 14th, LTC transactions worth more than $100,000 were at their highest point since May of 2021, when volatility was exploding in the crypto markets.
“Litecoin’s top key stakeholders have been quite busy over the past week with massive transactions occurring near its price bottom at the beginning of the week. The 5,508 LTC transactions valued at $100k+ was the highest total in 11 months.”
Litecoin is currently priced at $111 and is down over 72% from its all-time high of $410.
Looking at Bitcoin (BTC), the analytics firm says that while social media is lit up with bullish sentiment, on-chain data shows that market participants are not yet betting that the bottom is in.
“When we sum up everything, it looks like it represents the following crowd sentiment: whatever happens at the bottom is not convincing. People are not committing their money to enter anything related to bullish cases, surprisingly. There are bullish talks, but we don’t see actions onchain.
We do believe it’s a good sign. We trust onchain data. But the total amount of still positive news is a bit concerning. Too high expectations.
It could be that we need one more dip. But for the short-term metrics we’ve seen the last – it’s a good chance we should go a bit higher.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elnur/Natalia Siiatovskaia