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Litecoin Whale Transactions Hit H2 2023 Peak – Could This Propel LTC Price to $80

Press Releases Crypto News BeInCrypto Litecoin Whale Transactions Hit H2 2023 Peak – Could This Propel LTC Price to $80

Litecoin (LTC) price briefly reclaimed the $75 territory last week sparking hopes of a bullish price breakout. With miners and crypto whales’ transactional activity gradually returning to pre-halving levels, here’s how LTC price could react.

Litecoin price action in recent weeks has been underwhelming compared to other mega-caps like Bitcoin (BTC) and Solana (SOL) that have claimed new yearly peaks. On-chain data reveals that key stakeholders within the LTC network are now positioned for a similar price breakout.

Litecoin Miners Have Recouped Coins Offloaded After Halving

Similar to 2015 and 2019, Litecoin price entered a prolonged correction phase after the latest halving event on Aug. 2. In a bid to front-run the losses, Litecoin miners entered a selling frenzy, offloading 500,000 LTC between Aug. 3 and Sept. 5. However, as the crypto market flipped bullish in late October, confidence grew among LTC miners as they began to accumulate their block rewards again.

After weeks of rapid accumulation, Litecoin miners reserves crossed 2.6 million LTC on Nov. 7. This milestone is quite notable as it brought the miners’ current balances above the 2.55 million LTC they held at completion of the halving event on Aug. 3.

Litecoin (LTC) Miners Reserves. Source: IntoTheBlock

Miners Reserves metric tracks the number of coins deposited in wallets controlled by recognized crypto miners and mining pools. Strategic investors often interpret it as a bullish signal when miners accumulate their block rewards during a market rally. It is a clear indication that the miners are looking to hold out for more gains rather than sell at the current prices

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Author: Ibrahim Ajibade

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