In the Litecoin network, transactions were carried out to transfer 60% of all cryptocurrency coins
The Litecoin blockchain has recorded transactions totaling 36 million coins ($ 1.16 billion) in a short period.
“Over the past 15 minutes, the top 50 LTC wallets received 45 million more coins than they sent,” Twitter user LTC Whale Watcher tweeted on December 4.
It is likely that some of these LTCs were sent to exchanges, which usually own the most powerful wallets. Observing the ecosystem of wallets and addresses is a common source of panic for investors interested in crypto assets. Although none of the LTC wallets hold more than 1.56% of the total amount of LTC, the Weiss Ratings has suggested that someone is behind these large transactions: “New LTC kit? On November 30, presumably, one entity transferred about 35.4 million Litecoins (60% of all coins) worth about $ 1.1 billion. This shows just how centralized some of the crypto leaders really are. Not good”.
Over the past few months, the number of transactions on the Litecoin network has dropped – a record 226 thousand transactions per day, over time, turned into 26 thousand. LTC is used to transfer funds to and from crypto-exchanges, but with a drop in trader activity, activity in the network itself has dropped.
Over the past 6 months, the hash rate on the Litecoin blockchain has dropped by about half, which coincided with a similar trend in the Bitcoin blockchain. However, LTC remains one of the most liquid assets in this market, and, moreover, is actively traded on Asian exchanges..
Earlier, Alternative Assets analyst and President of LearnCrypto.io Nick Gelman suggested that the advantages realized in the latest release of the Litecoin client would allow him to easily bypass Bitcoin Cash in terms of payment transactions – an area that holders of each of the two cryptocurrencies traditionally try to push against..