Litecoin price is currently down more than 90 percent that has its hash rate and difficulty dropping along with the average transaction fees. Meanwhile, over a billion worth of value has been transacted on Litecoin network signalling a new LTC whale in the market.
A New Litecoin Whale in the Market?
Recently, a total of $1.1 billion worth of value has been transacted on the Litecoin network. According to the data provided by Bitinfocharts, Litecoin Network registered a sudden jump in the transaction volume.
Litecoin Sent in USD, Source: Bitinfocharts
The last time this much value of Litecoin has been transacted was in February and before this in January and significantly higher in December last year.
In this transaction value, about 40 new wallets have made it to the top 100 rich list. All of these have a balance 300,000 Litecoin accounting to a total of more than 12 million Bitcoin as shared by Litecoin.com.
However, it is yet to be known to whom these addresses belong to. It could be of exchanges, individual entities or even Fidelity or Bakkt for that matter accumulating as a preemptive step before launching their digital asset platform early next year.
Litecoin Network Update
Meanwhile, Litecoin hash rate is dropping in tandem with the LTC price as shown in the chart below:
In response to hash rate decline, the difficulty is also dropping down in order to match the price,
In the meantime, the average transaction fee is falling down as well, reaching $0.0231.
The world’s 7th largest cryptocurrency Litecoin which is silver to Bitcoin’s Gold is currently trading at about $32 with 24-losses of 0.93 percent. In the BTC market, it is down by 1.08 percent. With a market cap of $1.9 billion, it is currently managing the daily trading of $445 million approximately.
Litecoin might not be in the limelight, however, in recent times, its adoption has been gradually rising. For instance, a startup working on “decentralized payment gateway for cryptocurrencies,” added Litecoin on its platform that will allow the merchants to accept LTC payment directly in their wallets without a third party.
Additionally, next year might also see fungibility as a feature in Litecoin as its creator Charlie Lee has shared that it is one of the top development priorities.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.