Litecoin sees unusual transaction volume as holders profit from market crash

The Litecoin (LTC) blockchain has experienced unusual transaction volume recently as LTC token holders are cashing in on the recent market crash.

Litecoin cryptocurrency stood out among altcoins yesterday after being one of the few assets among the top 100 to have traded in the green, on April 2, showing all its strength and great performance. Cryptocurrency analytics platform Santiment noted that LTC transactions have been significantly higher than normal over the past month, driving the cryptocurrency’s recent rally.

Litecoin (+8.9%) is well ahead of the #altcoin pack over the past 24 hours, driven by significantly higher than normal transaction volume over the past month. Most importantly, the average investment in $LTC is getting younger, indicating that whales are putting more coins back into circulation.”

⚡️📈 #Litecoin (+8.9%) is well ahead of the #altcoin pack in the past 24 hours, powered by significantly higher transaction volume than usual throughout the past month. More importantly, the average of $LTC investments is getting younger, indicating whales are moving more coins… pic.twitter.com/YUBTqi3mXu

— Santiment (@santimentfeed) April 2, 2024

The recent bullish movement has seen 75% of LTC cryptocurrency holders plunge into significant profits, as per observed IntoTheBlock in a survey. “$LTC is currently one of a select few assets from the top 100 that are in the green today, showing strong performance since being labeled a commodity by the CFTC. This move has seen 75% of $LTC holders now in profit.”

The platform highlighted the importance of resistance around the $150 mark. “Looking ahead, we are eyeing notable on-chain resistance around the $150 mark, where 8.16 million $LTC, held by 590,000 addresses, have been historically purchased. This level could represent a significant resistance point as these holders have been in a loss situation since December 2021.”

At the time of publication, the price of Litecoin was quoted at US$100.79 with an increase of 5.7% in the last 24 hours.

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