On-chain data provider Santiment is a fairly old altcoin the one which in Litecoin (LTC) diary transferred by whales cryptocurrency showed a large increase in the amount of
Daily Litecoin Transactions Peak
According to Santiment’s tweet Litecoin experienced a large increase in the number of daily whale transactions.
Whale transactions, which cover transactions over $100,000, rose sharply, with 4,458 transactions on April 4, according to Santiment data.
🐳 #Litecoin may not be on many traders’ radars right now, but it quietly just saw the largest amount of daily $LTC whale transactions exceeding $100k+ (3,458 transactions) in 2022. Typically, this is an indicator of mid-term price direction shifts. 👀 https://t.co/mhi60PtUhX pic.twitter.com/uvCCTmW1Qy
— Santiment (@santimentfeed) April 6, 2022
The company said in a tweet that such an increase in daily trading volumes usually indicates a medium-term shift.
LTC Prepares for a New Update
Earlier this year, the Litecoin Foundation said in a statement that the highly anticipated MimbleWimble update has become a candidate to be released soon.
If it receives support from enough LTC nodes, the new update will be added to LTC’s codebase along with the Litecoin Core 0.21.2 software.
Altcoin Price Action
The cryptocurrency, which has lost more than 7% in value in the last 24 hours, is trading at $ 115 at the time of this writing. The recent decline coincided with the poor performance in the overall cryptocurrency market.
LTC, which was created by separating from BTC, was trading at $ 134 at this time last week.
Following Ethereum’s transition to the Proof of Stake mechanism, LTC will become one of the few cryptocurrencies to use the Proof of Work mechanism along with Bitcoin.
*Not investment advice.