Data from the analytical company Santiment show that cryptocurrency whales from the end of 2021 to mid-January 2022 actively accumulated Litecoin (LTC). According to researchers, together large holders (owners of 10 thousand to 1 million coins) increased their reserves by 5%.
The accumulation of LTC took place for 15 weeks – the longest period since 2017. Whales began to buy altcoin when its value dropped to 0.003 to Bitcoin (BTC), which was a historical low for litecoin. Large investors believed in the potential of the coin, so they decided to replenish stocks, taking advantage of the period of low prices.
Litecoin is often used as a test network for bitcoin. In 2021, LTC was often involved in Segregated Witness (an implemented protocol update designed to solve the problem of plasticity of Bitcoin blockchain transactions). SegWit separates the digital signature, which makes up 65% of the space in payments, to increase the block size limit.
Litecoin supporters predict an increase in its value after the launch of the decentralized MimbleWimble protocol, which has been under development since 2019. Recently, Litecoin Foundation creative director Robbie Coleman said that a final analysis of the code is underway to provide additional privacy for LTC.
In addition, the US Association of National Banks has launched a cryptocurrency custody service designed for investment managers that includes litecoin.
At 10:37 a.m. on January 15, Litecoin was worth $149.06. This is 7.24% higher than the day before. The trading volume for 24 hours was $1.34 billion (+34.46% per day). The market capitalization of the virtual asset is $10.35 billion.
