According to the analysts, over the past 14 days, major wallets have been grabbing a large amount of Litecoin – worth $42.4 million. Accumulating wallets hold between 1,000 and 100,000 Litecoins.
This is the “key” to LTC’s rally above $80 for the first time since May.
As of present, LTC price has dropped a bit, at $78.77. At the beginning of the year, “digital silver” changed hands at $150, and since then has fallen more than 50%.
LTC surge thanks to MoneyGram
At the beginning of November, Santiment also tweeted that Litecoin is doing well as it is up nearly 8%, setting it apart from the rest of the downtrend crypto market. According to the company, the increase is due to the growth of wallets holding more than 1,000 LTC.
In addition, former Ripple partner, MoneyGram, has been supporting Litecoin by launching a service that allows customers to hold, trade, and transfer Litecoin, Bitcoin, and Ethereum. So far, the service is still working in the US after MoneyGram partnered with cryptocurrency exchange Coinme.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision.
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