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Cryptocurrency News Articles
Litecoin (LTC) Network Sees Notable Spike in High-Value Transactions, Signaling Growing Interest From Large-Scale Investors
Sep 21, 2024 at 05:00 pm
Earlier this month, Santiment noted that the network had tracked a “consistently higher level of whale activity than usual” since the last week of August.
High-value transactions on the Litecoin [LTC] network have surged over the past four weeks, indicating a growing interest from large-scale investors in the crypto. Earlier this month, Santiment noted that the network had seen “consistently higher level of whale activity than usual” since the last week of August, driven by a rising social dominance.
Now, data from on-chain resource IntoTheBlock showed that transactions greater than $100K over the past 7 days currently stand at $20.45 billion. This figure is remarkable, especially compared to Ethereum’s $24.95 billion during the same period.
The data also pointed towards an increase in the number of these daily large transactions from around 830 during the last week of August to over 1,000 in the first week of September. In the last 7 days, this figure has hovered above 850, peaking at 978 on September 17.
Surging high-value transactions indicate heightened activity by large holders like institutional investors, which could influence spot market dynamics. It also points to the potential for more liquidity in the market, which may stabilize prices and reduce volatility in the short term.
Network health: Hashrate and transaction fees
On the network side, Litecoin continues to demonstrate strong fundamentals. The hashing power in the network has trended above 1 quadrillion hashes per second since September 14.
The latest data shows that the Litecoin network’s hash rate stood at 1.19 PH/s at block height 2,759,493 with a difficulty of 41,089,116.87.
This robust hash rate growth is a positive sign for the network’s overall health and security, further reinforcing confidence in the network’s resilience against attacks.
Moreover, Litecoin has maintained its status as a low-cost transactional network, supporting the narrative of LTC being the “silver” to Bitcoin’s “gold.” The daily average transaction fee has consistently stayed under 0.0001 LTC (less than $0.01) throughout the year.
Such low transaction fees make it an attractive choice for users seeking fast and cost-efficient transfers, especially during congestion phases on other networks. Litecoin’s high processing rates also help considerably minimize the threat of double-spending, making it ideal for payments. A recent analysis by CoinGate showed that Litecoin accounted for 12.3% of payments in August, behind Tron and Bitcoin.
LTC price action and correlation with BTC
Litecoin (LTC) was trading at $65.95, having moved 4% higher in the past 7 days. Despite strong network and transaction metrics, Litecoin has struggled relative to Bitcoin.
The LTC/BTC ratio has been trending downwards, signaling underperformance compared to the flagship cryptocurrency.
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