Blockchain analytics firm Santiment said that whales, the biggest holders of Litecoin, have started carrying LTC at levels not seen in almost a year.
Santiment reported that Litecoin transactions exceeding $100,000 on April 14 are at their highest point since May 2021, when volatility erupted in the crypto markets.
“Litecoin’s key stakeholders have been busy over the past week with large transactions happening near the price bottom at the beginning of the week. 5,508 LTC transactions worth $100,000 (and more) was the highest in 11 months.”
Litecoin is currently valued at $111, marking a drop of over 72% from its all-time high of $410.
Famous analyst Michaël van de Poppe made an interesting prediction for Litecoin and claimed that it will experience a similar rise by comparing it to XRP:
#Litecoin will have its run too, definitely. just like $XRP.
— Michaël van de Poppe (@CryptoMichNL) April 17, 2022
Looking at the analytics firm Bitcoin (BTC), on the other hand, while social media is flooded with bullish sentiment, on-chain data shows that market participants are not yet making any claims that they are bottoming out.
“By summing it all up, it seems to represent that crowd-pleasing sentiment: Whatever’s underneath isn’t believable. People, surprisingly, don’t commit their money to get into anything related to bullish cases.
There are ascension talks, but we don’t see any on-chain actions. We believe this is a good sign. We rely on on-chain data. However, the overall amount of positive news is still somewhat alarming. Expectations are very high. We may need one more drop. But the short-term metrics we’ve seen recently are a good chance for us to go a little higher.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.