Data from cryptocurrency analytics firm Santiment suggests that cryptocurrency whales have been quietly hoarding Litecoin ($LTC), a cryptocurrency that has been described as “Bitcoin’s silver to gold.” “, in the last 15 weeks.
On social media, Santiment shared data showing that whale addresses holding between 10,000 and 1 million LTC accumulated the cryptocurrency for 15 weeks, their longest period since 2017, to the point where they added 5 % of Litecoin supply to their holdings.
The buildup came at a time when the cryptocurrency was at all-time lows on the LTCBTC pair, falling as low as 0.003 BTC before jumping around 6% in the past few days. Litecoin’s lows against the flagship cryptocurrency imply whales were accumulating the cryptocurrency while anticipating an upward move against BTC.
Litecoin is notably a major cryptocurrency that is often used as a testnet for the Bitcoin network. Its usage of Segregated Witness (SegWit) last year was well above that of BTC, with the flagship cryptocurrency overtaking it in recent months. SegWit essentially separates the digital signature – which comprises 65% of the space in a transaction – from the transaction data, to allow block size limits to grow.
On top of that, Litecoin has been working on implementing the privacy-focused decentralized protocol MimbleWimble since at least 2019. Litecoin Foundation Creative Director Robbie Coleman recently declared it is now in “final code review” to bring optional privacy for LTC.
As CryptoGlobe reported, the US National Bank Association, the fifth largest commercial bank in the US, has launched a cryptocurrency custody service for investment managers that includes an LTC solution.
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