Will Litecoin Price Continue to Surge? On-chain Data Reveals Bullish Signal

Litecoin has had a busy month as the halving draws closer. The total number of Litecoin whales has increased recently, according to on-chain data, as the Litecoin halving is now only one month away. Data from the on-chain analytics company Santiment shows that the number of LTC “millionaire” addresses has increased significantly. 

Can Litecoin Whales Hold The Bull Run?

The “Supply Distribution,” which reveals how many addresses are a part of each wallet group on the Litecoin network, is the pertinent signal in this case. Each address is divided into various wallet groups based on the total number of coins it presently holds. The 100-1,000 coin cohort, for instance, consists of addresses or investors on the blockchain with a balance of at least 100 and no more than 1,000 LTC.

According to Litecoin’s daily period chart, its value has increased dramatically over the past five days, rising by around 40%. This spike marked a crucial turning point because it was the highest ever observed in more than a year.

Because Litecoin’s price action surged back up by around 28% on the same day, the volume rise was unmistakably optimistic. It’s interesting to note that the price reached a new 12-month high as a result of the recent bullish volume. Litecoin price traded at $107.37 at the time of publication, down from its recent top of $114.98.

Now the below graph illustrates the recent changes in the total number of addresses owned by these significant Litecoin holders. The Litecoin addresses holding at least 10,000 LTC have seen a noticeable increase in their count over the past few months, as shown in the graph above.

The whales are typically the owners of millionaire LTC wallets. Because they have such substantial holdings in their addresses, these enormous investors can have a significant impact on the market.

Therefore, the fact that the indicator’s value has increased by 6% over the past three months indicates that whales are now more interested in the asset. The fact that the Litecoin halving is now less than a month away is probably what makes this cohort bullish.

Investors Waiting For Litecoin Halving

The eagerly awaited halving event may have contributed, at least in part, to the recent rise in the value of Litecoin. Every 840,000 blocks mined, or every four years, the halving event takes place. The block reward is halved during this event. Up until the block reward per block approaches zero, which is thought to happen around 2142, this process continues.