Over the past five months, the price of Litecoin (LTC) has dropped by approximately 55%. While Bitcoin (BTC) continues to increase in value since October, LTC remains in a state of stagnation. Over the past week, its price has only risen by 5%, reaching $74.
In comparison, during the same period, Bitcoin and Ethereum (ETH) have demonstrated growth of more than 12%.
As the price of Litecoin falls, holders are actively getting rid of it. Santiment has found that over the last ten days, the number of wallets with various amounts of LTC has decreased by 2.13%.
Interestingly, most of the closed wallets held only small amounts of LTC. This indicates disappointment among small investors, who, according to experts, no longer expect Litecoin's price to rise in the coming months.
The main buyers of Litecoin (LTC) entering the exchanges are large investors and experienced players with a long-term holding strategy for the altcoin.
According to Santiment's data, the decrease in the number of small wallets is accompanied by increased activity on the network. As of December 7th, the number of wallets conducting daily transactions reached 1.27 million - a new record for Litecoin.
Over the past week, the activity in the use of addresses in the network reached the highest levels since May 2023. Analysts have found that within seven days, 3.69 million wallets conducted fund redistribution on the network.