​LTC rate hit a one-year high above $80

What’s new? According to analytics firm Santiment, wallets containing between 1000 and 100 000 Litecoin (LTC) have accumulated 43,4 million coins over the past two weeks. These addresses added the maximum share of the asset supply in 7 months (+32,09%), which led to the first price jump above $80 since May. On November 23, the LTC rate was as high as $83,66, according to Binance. In addition, the price of Litecoin to bitcoin reached a one-year high. As of 13:10 UTC, the value of LTC fell to $77,87.

⚡️ #Litecoin's price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May. https://t.co/qkff6FCA1g pic.twitter.com/DM50SjOcAY — Santiment (@santimentfeed) November 23, 2022

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 the Gucci brand, travel agency Taylor Travel Management Group, and 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 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.” On November 3, Santiment reported that the number of large LTC addresses increased by 8,2% to more than 1300 since May 27 and that the token’s rate gained 51% against BTC since June 12.

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. That same month, Binance announced that it would not support LTC deposits and withdrawals using MWEB.