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Santiment released a report on October 20, 2022, outlining that Litecoin has undergone a lot of address activity and whale transactions, with over $1 million valued transactions on the network.
Litecoin (LTC/USD) is a decentralized, peer-to-peer (P2P) cryptocurrency and open-source project that was originally launched in October 2011. It was forked from the Bitcoin (BTC/USD) protocol, however, uses a different mining algorithm.
The peak in whale activity as a catalyst for growth
In the latest Litecoin news, according to an official report by Santiment, Litecoin has been quiet and under the radar across 2022; however, the address activity, as well as the whale transactions, have exploded throughout the week.
There have been over $1 million in valued transactions on the network, and the timing of these spikes occurred just as LTC began to increase in value when compared to BTC.
Santiment is a behavior analytics platform purpose-built for cryptocurrencies and gives in-depth data surrounding on-chain social and development information on over 900 cryptocurrencies.
Should you buy Litecoin (LTC)?
On October 21, 2022, Litecoin (LTC) had a value of $50.35.
The all-time high for the Litecoin (LTC) cryptocurrency was on May 10, 2021, when it reached a value of $410.26. At its ATH, the token was trading $359.91 higher in value or by 714.82% higher.
However, when we take a look at the 7-day performance of the cryptocurrency, we can see that Litecoin had its low point at $50.40, while its high point was at $52.32. This marked an increase in value of $1.92 or by 4%.
In terms of how Litecoin (LTC) performed within the last 24 hours, its low point was at $50.40, while its high point was at $51.97. Here we can see an increase of $1.57 or by 3%.
With this in mind, buying LTC is a solid idea for investors as it can climb to $55 by the end of October 2022.
The post LTC price movement after address activity and whale transactions explosion appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.