Crypto Whales Have Been Quietly Accumulating Litecoin ($LTC), Data Shows




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.

Read More: Former UFC Champion Chuck Liddell Invests in Three Altcoins, Including $SHIB




Recent Articles

InvestAnswers Host Calls Solana ($SOL) the Top Ethereum Competitor

InvestAnswers Host Calls Solana ($SOL) the Top Ethereum Competitor

0
According to InvestAnswers, popular crypto analytics and market analysis show, that Solana ($SOL) is still the top competitor for Ethereum ($ETH). The show's host stated...
Lyn Alden Calls Bitcoin ‘Fastest Horse’ in Crypto Race

Lyn Alden Calls Bitcoin ‘Fastest Horse’ in Crypto Race

0
Bitcoin will continue to be the leading currency in the digital asset market, according to Lyn Alden, a well-known equity research analyst, and investment...
Cardano ($ADA) Founder Tells Newcomers to Crypto Market

Cardano ($ADA) Founder Tells Newcomers to Crypto Market

0
Charles Hoskinson, Co-Founder, and CEO of IO Global (aka "IOG," formerly known as "IOHK"), the company in charge of Cardano's research and development, is...
Cryptocurrencies

Firepin Token (Frpn), Solana (Sol), And Ethereum Will Revolutionize The Cryptocurrency Business (Eth)

0
Blockchain and cryptocurrencies have gained popularity this year. People from all professions are seeking ways to harness blockchain technology and reap its benefits. How...
cryptocurrency

Here The Top 10 Cryptocurrencies To Still Look Forward Amidst The Dip

0
Due to the proliferation of cryptocurrencies, cryptocurrency investors are interested in the volatile cryptocurrency market. Cryptocurrencies are becoming increasingly popular due to their capacity...

Related Stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox