• Litecoin [LTC] holders have seen a historical jump in whale accumulation, with the count of LTC addresses holding over 1000 coins rallying to a high of 4232 addresses, the highest count since 2020.
• On-chain analytics platform Santiment revealed that since 12 June, the LTC / BTC price ratio has jumped by over 130%, with LTC trading at $67.51.
• According to the on-chain assessment of LTC’s Age Consumed metric, the altcoin clinched a local price bottom of $56.55 on 14 November following a surge in the metric.
The cryptocurrency market has seen a surge in activity in the past few weeks, with many altcoins rallying significantly against Bitcoin. One such altcoin that has seen a jump in its on-chain activity is Litecoin [LTC], the sixth-largest cryptocurrency by market cap. Data from on-chain analytics platform Santiment revealed that the count of LTC addresses holding over 1000 coins has reached a high of 4232 addresses, the highest count since 2020.
This indicates that the whales, or large holders of the cryptocurrency, are accumulating more LTC. This comes after a period of FUD in the market and a subsequent sell-off of LTC holdings. However, with the FUD beginning to subside, these holders have started buying back into the market, pushing the count of such addresses to a high.
Further, since 12 June, the LTC / BTC price ratio has jumped by over 130%. As of this writing, LTC traded at $67.51, placing it on CoinMarketCap’s list of cryptocurrency assets with the most gains in the last seven days.
On-chain assessment of LTC’s Age Consumed metric revealed that the altcoin clinched a local price bottom of $56.55 on 14 November following a surge in the metric. This was followed by a temporal decline in LTC’s value, after which it rallied by 19%. Age Consumed is a measure of the activity of previously inactive coins on the blockchain. A sudden increase in Age Consumed suggests that a large number of previously idle tokens are now being moved or transferred between addresses, indicating a significant change in the behavior of long-term holders.
The surge in whale accumulation and the increase in the LTC / BTC price ratio suggests that Litecoin may be set to close out the year with a bang. However, it remains to be seen whether the current rally in the altcoin can be sustained or if it will fizzle out in the coming days.