Litecoin token sets a local record

According to data from the analytical company Santiment, over the past two weeks, wallets containing between 1,000 and 100,000 Litecoins have accumulated a total of 43.4 million LTC tokens. This activity allowed Litecoin to set a local record.

LTC addresses added the highest share of the asset’s supply over the past 7 months (32.09%), which led to the first jump in LTC value above $ 80 since May. on November 23, the LTC $75.22 Litecoin -0.40% Market capitalization $5.62 billion VOL. 24 hours $19.94 million rate rose to $ 83.66, but now the price has fallen again.

Litecoin is a fork of the Bitcoin network that was launched in October 2011. The protocol is used for small everyday transactions, and transfers are made with almost zero fees. LTC is called a «lightweight» version of Bitcoin.

In June, Binance announced the suspension of some Litecoin transactions as a response to the platform’s update with the Mimble Wimble Extension Blocks (MWEB) LTC feature. MWED makes it impossible to find out the amount of «confidential» transactions sent, so the purpose of the funds is unclear and income is not taxed.

«Any LTC deposits made to Binance through the MWEB feature will not be received or refunded as we cannot verify the sender’s address, resulting in a direct loss of funds. To ensure the safety of your money, please do not deposit LTC through the MWEB feature,» Binance said at the time.