The number of large addresses with altcoin has increased by 8,2% since May

​LTC against bitcoin rises by 51% since June

03.11.2022 - 11:00

140

3 min

What’s new? Analytics company Santiment has reported that Litecoin (LTC is showing positive dynamics against the digital asset market. For example, the number of large addresses with LTC has increased by 8,2% to more than 1300 since May 27. Moreover, the rate of the token has increased by 51% against BTC since June 12. As of November 3, 10:25 UTC, LTC is trading at $61,66, up by 5,29% in 24 hours, according to Binance. The value of bitcoin is $20 285 (-0,63%).

What is known about Litecoin? It is a fork of the Bitcoin network, launched in October 2011. The protocol is used for small everyday transactions. Transfers on the network are made with almost zero fees. The network’s native token of the same name with the ticker LTC is a “lightweight” version of bitcoin. According to Brand Analytics research at the end of 2021, Litecoin ranks third in popularity among Russian users.

Many large companies have already started accepting Litecoin as a means of payment. These include designer clothing brand Gucci, Dutch travel agency Taylor Travel Management Group, and Italian retailer Michele Franzese Moda

On November 2, the rate of LTC rose by 7% in 24 hours. This happened after payments operator MoneyGram partnered with the Coinme exchange on November 1 to launch a service to buy, store and sell BTC, ETH and LTC. Back then Charlie Lee said that the asset “is still alive to answer the haters.”

Earlier, South Korean crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax delisted LTC due to the network’s upgrade MWEB, which increased transaction privacy, causing the asset to no longer comply with regulatory rules such as know your customer and anti-money laundering (KYC and AML). That same month, Binance announced that it would not support LTC deposits and withdrawals using MWEB.

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