Litecoin [LTC] is ready to celebrate, but here’s why whales could spoil the party

High hash rate and no network outages were indicative of a secured network. LTC dropped by 3.15% at press time, sparking fears of a strong pullback. Few other cryptocurrencies have performed as well as Litecoin [LTC] in 2022’s bear market. Since hitting the lows of June 2022, both the price and market cap have more […]

hit an ATH recently. This is generally regarded as a positive sign with regards to a network’s security as unscrupulous attacks become difficult to execute on networks with high hash rate.However, the holdings of small and large Litecoin whales narrated a different story. As per data provided by Santiment, the number of addresses with more than 1000 LTC coins has been on a falling slope in the last 12 days.

This could also be explained by looking at MVRV Ratio. The network was overvalued and hence in profit. The increasing MVRV Long/Short Difference incentivized profit-taking by LTC hodlers, which could lead to prices going south.

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