Litecoin Whale Activity Surges with $2.85B Daily Transactions
Release: 2024/07/13 19:04 Reading: 870
Litecoin Boasts Significant Whale Activity and Enhanced Privacy
Litecoin (LTC) is gaining momentum as the cryptocurrency market recovers. This is attributed to notable advancements within its network.
Large Transaction Volume Surpasses Layer 1 Competitors
Data from IntoTheBlock reveals that Litecoin processes an average of $2.85 billion daily in transactions exceeding $100,000. This accounts for over half of its market capitalization.
In comparison, Dogecoin, despite having a larger market cap, processes only $590 million in large transactions. This high volume suggests substantial whale activity on the Litecoin network.
MWEB Adoption Boosts Privacy and Scalability
Activity on Litecoin's MimbleWimble Extension Block (MWEB) is at record highs. MWEB-specific transactions and balances have increased significantly in the past year. This indicates growing adoption of Litecoin's optional fungibility and scalability update, which enhances privacy and allows users to conceal their wallet contents.
Hashrate and Miner Reserve Trends
Litecoin's hashrate has reached 1.1 PetaHash per second, facilitating millions of transactions at low costs. Additionally, Litecoin miner reserves have declined by over 28%, reaching their lowest in recent years. This decreased supply and increased demand could contribute to price appreciation.
Bullish Price Predictions
Crypto analyst MASTERBTCLTC forecasts a price peak for Litecoin in October 2025, suggesting potential growth during the anticipated bull run in the cryptocurrency market.
Together with these positive trends, Litecoin stands as a cryptocurrency worth monitoring as the market recovers.
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