Litecoin breaks market trends with a 5% gain and whales in play

• LTC breaks from the market trend with a 5% increase.
• Litecoin whales are out to play with increased transactions.

Litecoin [LTC] experienced significant price fluctuations during its most recent trading session, establishing a new record for the year. This price movement was not isolated; instead, it was accompanied by notable whale activities over the past few days.

Litecoin climbs back to the bull zone

On 19th January, Litecoin achieved a new price record for the year, marking its most significant single-day increase. The asset reclaimed a level not seen since the beginning of the year.

Analysis of the daily timeframe chart showed a 4.73% climb in LTC’s value by the end of trading on 19th January. The chart depicted a trading price of around $71, bringing an end to nearly seven days of downtrends.

As of this writing, Litecoin continued to trade around the $71 range, reflecting a 0.5% increase.

Source: Trading View

What stands out is that this price surge represents the first notable addition for the year, with the closest occurrence happening on 10th January, when Litecoin gained around 4.64%.

Additionally, the chart showed that this recent surge has propelled LTC into a bull zone. At the time of writing, the Relative Strength Index was slightly above the neutral line.

Notably, this marked the second time this year that LTC has reached this level, the first being around 2nd January before experiencing a decline.

How Litecoin whales have moved in the past few weeks

An examination of Litecoin whale transactions showed significant activity over the past few days. A look at the 100,000 and 1 million whale transaction metrics on Santiment showed that substantial movements have occurred.

These specific categories of wallets engaging in LTC trading have played a crucial role in driving the recent price fluctuations.

Analyzing the 100,000 whale transactions, it was observed that the number within this category has consistently exceeded 100 in recent days. This signifies that more than 100 wallets have been actively moving 100,000 LTC or more within this timeframe.

As of the closing of the trade on 19th January, the number was over 160, indicating heightened activity in this segment.

Source: Santiment

Additionally, a study of the 1 million category showed that there have been over 100 transactions involving significant amounts of LTC. This showed the notable impact of larger-scale transactions on the Litecoin market dynamics.

LTC volume picks up

Examining the Litecoin volume chart showed a recent shift in market activity, particularly in terms of trading volume. Until recently, the volume had remained relatively low.

How much are 1,10,100 LTCs worth today

Around 18th January, there was a noticeable increase as the volume rose from the around $300 million range to over $400 million. At the time of this writing, the volume was over $420 million.

This trend in volume highlights a significant uptick in LTC trades over the past few days, indicating heightened market participation.

Source: Santiment