Home News Whales escape to LTC: $1.1 billion were transacted to Litecoin in a...

Whales escape to LTC: $1.1 billion were transacted to Litecoin in a matter of 24 hours

Over $1.1 billion were transacted to Litecoin network in just one day. This may indicate the exodus of crypto whales to LTC.

Bitinfochart statistics show that $1.1 billion worth of crypto were recently transferred to Litecoin network.

The last time this much value of Litecoin has been transacted was in February 2018. As a result of this reallocation of funds, almost 40 wallets entered the top 100 richest crypto accounts list with a total of more than 300 000 LTC stored on them.

It is not yet known, however, whether these wallets belong to individual owners, exchanges, or other platforms, like Fidelity or Bakkt, which could have been accumulating digital assets in preparation for their launch early next year.

Meanwhile, Litecoin has rate keeps on decreasing alongside with the LTC price:

The same downwards trend is seen for the network’s difficulty:

The average transaction fee dropped to $0.0231 too:

Back in October, Gemini, a cryptocurrency exchange owned by Winklevoss twins, launched LTC trading following the approval from the New York State Department of Financial Services (NYDFS).