According to statistics from cryptocurrency analytics platform Santiment, crypto whales have been stealthily acquiring Litecoin ($LTC), dubbed the “silver to Bitcoin’s gold,” for the past 15 weeks.
Santiment posted figures on social media revealing that whale accounts owning between 10,000 and 1 million LTC had been collecting the cryptocurrency over 15 weeks, the lengthiest timeframe since 2017, adding 5% of Litecoin’s total to their stockpiles.
The amassing occurred when the cryptocurrency was experiencing a historical downward trend on the LTCBTC pair, dipping below 0.003 BTC before rising over 6 percent in recent days. The lows of Litecoin versus the flagship cryptocurrency suggest that whales were collecting the cryptocurrency in anticipation of a rising surge against BTC.
Litecoin is a well-known cryptocurrency that is frequently exploited as a testnet for the Bitcoin network. Its utilization of Segregated Witness (SegWit) was significantly more than BTC’s previous year, with the leading cryptocurrency overtaking it in recent months. SegWit effectively separates the digital stamp – which takes up 65 percent of the storage in a transaction – from the transaction data, allowing block size limitations to be increased.
Furthermore, from at least 2019, Litecoin has been working on adding the privacy-focused decentralized system MimbleWimble. Robbie Coleman, the creative director of the Litecoin Foundation, has claimed that it is currently in “final code review” to provide optional security to LTC.
