Litecoin surges as whale transactions increase, breaking the $95 mark.

Litecoin has recently surpassed the $95 mark due to a surge in whale activity on the network. On-chain analytics firm Santiment reports that the current whale activity is the highest it has been since January, based on the “whale transaction count” indicator. This measures the total number of transfers on the Litecoin network involving coins worth at least $100,000. Since these transactions are quite large, generally only the whale entities are capable of making them. Thus, this metric can give us an idea about the number of transfers that these massive holders are making on the blockchain.

Whenever the whale transaction count has a high value, the price of LTC becomes more probable to display volatility. On the other hand, when this metric has low values, the price may stay relatively calm, as it suggests that the whales aren’t making too many moves on the market right now.

The Litecoin whale transaction count has observed a large spike recently, reaching its highest level since January 2023. These high values have come as the price has been going up, and since they have taken place, the uptrend has only continued further, with LTC managing to break past $95.

As the price has seemingly continued to rise following this latest spike, it may appear that the Litecoin whales could be supportive of the current uptrend. This new surge in the price of Litecoin has come as the halving, an event where the coin’s block rewards will be permanently cut in half, is just a couple of months away now.

At the time of writing, Litecoin is trading around $95, up 9% in the last week.