LTC price movement after address activity and whale transactions explosion

Santiment released a report on October 20, 2022, outlining that Litecoin has undergone a lot of address activity and whale transactions, with over $1 million valued transactions on the network.

Litecoin (LTC/USD) is a decentralized, peer-to-peer (P2P) cryptocurrency and open-source project that was originally launched in October 2011. It was forked from the Bitcoin (BTC/USD) protocol, however, uses a different mining algorithm.

The peak in whale activity as a catalyst for growth

In the latest Litecoin news, according to an official report by Santiment, Litecoin has been quiet and under the radar across 2022; however, the address activity, as well as the whale transactions, have exploded throughout the week.

There have been over $1 million in valued transactions on the network, and the timing of these spikes occurred just as LTC began to increase in value when compared to BTC.

Santiment is a behavior analytics platform purpose-built for cryptocurrencies and gives in-depth data surrounding on-chain social and development information on over 900 cryptocurrencies.

Should you buy Litecoin (LTC)?

On October 21, 2022, Litecoin (LTC) had a value of $50.35.

LTC/USD Chart by TradingView.

The all-time high for the Litecoin (LTC) cryptocurrency was on May 10, 2021, when it reached a value of $410.26. At its ATH, the token was trading $359.91 higher in value or by 714.82% higher.

However, when we take a look at the 7-day performance of the cryptocurrency, we can see that Litecoin had its low point at $50.40, while its high point was at $52.32. This marked an increase in value of $1.92 or by 4%.

In terms of how Litecoin (LTC) performed within the last 24 hours, its low point was at $50.40, while its high point was at $51.97. Here we can see an increase of $1.57 or by 3%.

With this in mind, buying LTC is a solid idea for investors as it can climb to $55 by the end of October 2022.

Source