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- Litecoin is seeing its best and most sustained period of activity since the halving and after hitting $75, the LTC community is hopeful that it will test $80.
- This confidence has spread to the miners who, after selling off most of the holdings between August and September, are now HODLing and awaiting the next bull run.
Despite being one of the oldest coins, and at some points over the years one of the five biggest cryptos, Litecoin doesn’t get the attention or investment it deserves. This could change, and as “Bitcoin’s little brother” gathers momentum, the community hopes LTC could hit $80 for the first time since mid-August.
Litecoin halved in early August this year, slashing its block reward from 12.5 LTC to 6.25 LTC. In the leadup to the halving, investors and miners accumulated tokens as the price went on its best run in one and a half years. Data by IntoTheBlock shows that at halving, miners held 2.55 million LTC in reserves. Immediately after, they began to dump and sell most of the new tokens they mined.
However, the tide is changing. Over the past few weeks, the miners have started accumulating LTC and HODLing the new tokens they mine. Miners only HODL if they believe that a price rally is upcoming and want to maximize the gains from the tokens they hold. IntoTheBlock shows that miners crossed the pre-halving record on November 7 and haven’t stopped accumulating since.
The blockchain data platform also shows that aside from the miners, crypto whales are also accumulating. In the past 30 days, these whales have snapped up millions of LTC tokens, with a new record on Saturday when they made over 3,600 transactions.
Whales are any address that makes a trade worth over $100,000. They are usually institutional investors like family offices or crypto OGs who have been in the industry for ages. Whale accumulation indicates that the people with the big money are confident that LTC could hit new heights and want to be well-positioned to make millions of dollars when it surges.
In yet more good news for the Litecoin community, Bakkt has added the crypto to its custody services. The exchange, which trades on the New York Stock Exchange, relaunched its custody platform today, availing features such as segregated on-chain wallet addresses and more advanced reporting features.
Bakkt also added 6 new tokens to its custody platform, among them Litecoin, Shiba Inu and USDC stablecoin.
Bakkt announces relaunch of Bakkt® Custody with additional functionality and expanded asset support: https://t.co/raRIPZQZiH
— Bakkt (@Bakkt) November 15, 2023
Litecoin Traction Grows
Litecoin is trading at $72.1 at press time and is recovering from a sudden dip earlier today where it hit $68.8. In the past week, it has lost about 2.2%, although it has also set a new three-month record in that time at $73.8. The last time it traded above that level was in early August when the halving hype was at its peak.
What’s more, Litecoin is now recording massive numbers of transactions, many of which are low-value transactions. This proves that it’s being used by the retail adopters and not just whales, and it’s this group that determines the long-term success of any crypto.
Wow Litecoin now over 1M transactions per day, more than Bitcoin. pic.twitter.com/GJTxV9ro5O
— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) November 15, 2023
