Will Litecoin’s Price Increase Soon? Whales Accumulate Over 2.7M LTC in a Month

Litecoin (LTC), a peer-to-peer cryptocurrency forked from the Bitcoin network, has captured investors’ attention in recent weeks. According to an on-chain study from the blockchain analytics platform IntoTheBlock, LTC whales have accrued over 2.75 million units of the coin over the past 30 days. This milestone gives way to the question: Will LTC’s price follow?

Litecoin whales accumulated 2,751,633 LTC in the past 30 days.

On May 10th, these addresses had a net inflow of over 900k $LTC, the highest daily amount since February. pic.twitter.com/oDR4QG1Xjt

— IntoTheBlock (@intotheblock) May 20, 2024

Litecoin Captures More Attention

Since its debut in 2011, Litecoin has described itself as a modification to the Bitcoin network. Although it shares some similarities with the Bitcoin blockchain, it employs a different mining algorithm called Scrypt. This enables the network to process transactions considerably faster than the Bitcoin blockchain.

Litecoin has had its share of bullish performance since the start of the year. On May 16th, the project’s team revealed that the blockchain has processed over 245 million transactions since its launch. From this number, 39 million transactions were processed this year alone, showing the blockchain’s impressive performance.

The blockchain’s performance is attributed to several activities occurring within its ecosystem. Earlier this month, LTC ranked as the first choice for users of the crypto payment platform, BitPay.

Additionally, Litecoin’s uptrend within the past few months was fueled by a statement from the Commodity Futures Trading Commission (CFTC), an independent United States government agency. In a lawsuit against crypto exchange KuCoin in March, the agency termed LTC as a commodity. It entailed that the cryptocurrency would not fall under the radar of other agencies like the U.S. Securities and Exchange Commission (SEC).

Will LTC’s Price Follow the Uptrend?

According to the price-tracking website CoinMarketCap, LTC’s price has seen minimal increases in recent weeks. It trades at $83.6, representing a 1.42% increase over the past month. This price performance is relatively poor compared with the network’s overall performance.

Notwithstanding, several Litecoin community members are enthusiastic that LTC will see impressive price performance. Earlier this month, CoinTab reported that 20% of LTC holders have not sold their holdings over the past five years.