• Litecoin’s whale transactions around the $1 million region hit 2023 highest on 25 January.
• According to Glassnode, the Litecoin reserve risk was 0.00069— a considerably low value.
• The whales‘ actions were in contrast to what they were involved in a few days back as most sold off part of their holdings.

The cryptocurrency market has been a rollercoaster of late, with Litecoin [LTC] leading the charge. After reaching a January high of $1 million in whale transactions, the digital asset is potentially pointing to a new direction that could be dependent on continued whale activity.

Data from the on-chain platform Santiment indicated that there were over 100 transactions within the $1 million range on the said date. This spike in large whale transactions is a sign that investors are regaining confidence in the coin and believing in its long-term potential. Despite the coin only gaining 1.07% in the last 24 hours, the faith of its long-term holders remains.

Glassnode reported the Litecoin reserve risk to be 0.00069, a value that is considered to be low and depicts the confidence of holders in the digital asset. With the LTC price still down from its all-time high (ATH), it reflects the unwavering trust in the coin.

Although the whales‘ actions were in contrast to what they had been involved in a few days ago, as most sold off part of their holdings, the recent spike in whale transactions has indicated a surge in investor confidence. This could be a good sign for the future of the coin, as the last two times it hit such a peak there were notable increases in the LTC price. The cryptocurrency community will be watching closely to see if the digital asset can repeat its previous success.