Dogecoin

Litecoin

Bitcoin

Billion

Litecoin has been under intense selling pressure in the past few months. After peaking in April, the coin has been trending lower, looking at the arrangement in the daily chart. 
There is strength at spot rates. So far, LTC is up 20% from July lows and continues to peel back losses. The expansion in price also comes amid other positive developments, at least from on-chain developments. 
<h2 id="is-litecoin-a-whale-haven">Is Litecoin A Whale Haven? </h2> 
According to IntoTheBlock, there has been a significant <a class="editor-rtfLink" href="https://x.com/intotheblock/status/1811675243783614555" target="_blank" rel="noopener nofollow">uptick</a> in on-chain transfers on the proof-of-work network. As of July 12, the network has processed $2.85 billion worth of transactions, each averaging at least $100,000. 
This level translates to over half of the network’s market cap. Most importantly, Litecoin is doing far better than top altcoins. IntoTheBlock data shows that though Dogecoin has roughly 3X the market cap of Litecoin, it only sees $590 million in large transfers daily. 
<img loading="lazy" decoding="async" class="size-full wp-image-629520" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257" alt="Whales taking over Litecoin | Source: @intotheblock via X" width="1024" height="257" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=1708 1708w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSRb2K5XsAAq29o.jpg?resize=1024%2C257?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The huge difference means Litecoin attracts more whales, most likely drawn to the network’s security and low fees. Litecoin has not changed, and its original mandate of complementing <a href="https://www.newsbtc.com/bitcoin-news/germany-liquidates-over-90-of-bitcoin-holdings-retains-only-284-million/" target="_blank" rel="noopener ">Bitcoin</a> remains. 
It operates as a proof-of-work network powered by miners who must commit to buying new gear and updating it regularly to be competitive. <a href="https://www.tradingview.com/x/rdKvfetI/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/rdKvfetI/" alt="Litecoin price trending upward on the daily chart | Source: LTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
As of July 13, Litecoin had a hash rate of 1.01 PH/s, according to <a class="editor-rtfLink" href="https://www.coinwarz.com/mining/litecoin/hashrate-chart" target="_blank" rel="noopener nofollow">Coinwarz</a>. Despite Litecoin’s Halving in 2023, more miners are unfazed by falling rewards and continue to secure the network. 
<h2 id="mweb-private-transactions-rising-ltc-unfazed-by-short-term-price-fluctuations">MWEB Private Transactions Rising, LTC Unfazed By Short-Term Price Fluctuations</h2> 
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The spike in Litecoin transactions also comes amid the increasing adoption of Mimble Wimble (MWEB). According to MWEBexplorer data, MWEB transactions have&nbsp;<a class="editor-rtfLink" href="https://x.com/mwebexplorer/status/1811197624906903698" target="_blank" rel="noopener nofollow">doubled</a> in the past few days. This surge points to a rising preference for private transactions among Litecoin users. 
<img loading="lazy" decoding="async" class="size-full wp-image-629521" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSKqlbeagAAqH_V.png?resize=771%2C612" alt="MWEB transactions on Litecoin soaring | Source: @mwebexplorer via X" width="771" height="612" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSKqlbeagAAqH_V.png?resize=771%2C612?w=771 771w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSKqlbeagAAqH_V.png?resize=771%2C612?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSKqlbeagAAqH_V.png?resize=771%2C612?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSKqlbeagAAqH_V.png?resize=771%2C612?w=750 750w" sizes="(max-width: 771px) 100vw, 771px" data-recalc-dims="1"> 
Through MWEB, users can send private transactions. Though MWEB transactions are more expensive, coming in at $0.00267 versus $0.0008 for ordinary transactions, it is relatively cheaper than transacting on Bitcoin. According to <a class="editor-rtfLink" href="https://ycharts.com/indicators/bitcoin_average_transaction_fee" target="_blank" rel="noopener nofollow">YCharts</a>, the average Bitcoin transaction fee now stands at $1.487, up from 1.163 recorded yesterday. 
With more transactions posted on Litecoin, LTC holders are equally unfazed by dropping prices; a whopping 71% are in the red. As of July 12, IntoTheBlock data <a class="editor-rtfLink" href="https://app.intotheblock.com/coin/LTC/quick-view" target="_blank" rel="noopener nofollow">reveals</a> that 77% of LTC holders have held their coins for over a year. Only 6% bought LTC within the last month.

Litecoin Is A Hub Of Whales: Over $2.85 Billion Of $100,000 Transactions Processed

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