The oldest from altcoins one who Litecoin (LTC), cryptocurrency It shines brightly in the chaos of FTX-induced chaos in the market.
Data provider Santiment has explained what is the likely reason for the surge in Litecoin over the past 24 hours.
“Whale Wallets Accumulated Recently Loaded LTC Altcoin”
According to the company’s analytics team, over the past 14 days, major wallets have amassed massive amounts of Litecoin worth 42.4 million LTC. Accumulating wallets contain between 1,000 and 100,000 LTC.
This allowed the price of LTC to rise above $83 per coin for the first time since May. However, the price dropped slightly to $78.77.
Known in the crypto community as “digital silver” in connection with Bitcoin’s “digital gold” nickname, BTC suffered a huge loss earlier this year when it was at $150.
Santiment said the following about the increase in LTC price:
“Litecoin’s price surge may have shocked some of you, but massive address accumulation has always been a key to watch. Over the past 2 weeks, addresses holding $1k to $100,000LTC have accumulated $43.4M in coins on their way to the first price surge above $80 since May.”
⚡️ #Litecoin‘s price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May. https://t.co/qkff6FCA1g pic.twitter.com/DM50SjOcAY
— Santiment (@santimentfeed) November 23, 2022
The rise of LTC took place eight months before Litecoin’s third halving, a programmed event that would reduce the rewards paid to miners for recording transactions on Litecoin’s blockchain, from 12.5 LTC per block to 6.25 LTC per block.
*Not investment advice.
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