Over the last 15 weeks, crypto whales have been stealthily acquiring Litecoin ($LTC), a cryptocurrency that has been dubbed the “silver to Bitcoin’s gold,” according to data from cryptocurrency analytics firm Santiment.
Santiment posted data on social media showing that whale addresses holding 10,000 to 1 million LTC had been collecting the cryptocurrency for 15 weeks, the longest period since 2017, adding 5% of Litecoin’s supply to their holdings.
The accumulation came at a time when the cryptocurrency was seeing historic lows on the LTCBTC pair, dropping to 0.003 BTC before surging around 6% over the last few days.
Litecoin’s lows against the flagship cryptocurrency imply whales were accumulating the cryptocurrency while anticipating an upward move against BTC.
Litecoin is a well-known cryptocurrency that is frequently used as a Bitcoin testnet. Last year, it used significantly more Segregated Witness (SegWit) than BTC, with the main cryptocurrency surpassing it in recent months.
To allow block size limitations to be increased, SegWit effectively separates the digital signature – which takes up 65 percent of the space in a transaction – from the transaction contents.
Conclusion
Furthermore, since at least 2019, Litecoin has been working on adding the privacy-focused decentralized system MimbleWimble. Robbie Coleman, the creative director of the Litecoin Foundation, recently claimed that it is now in “final code review” to provide optional privacy to LTC.
According to CryptoGlobe, the United States National Bank Association, the country’s fifth-largest commercial bank, has introduced a crypto custody service for investment managers that includes an LTC solution.
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