It appears Litecoin (LTC) is on its way to regain its lost glory as Litecoin Network witnessed a surprising upsurge in the total value transacted on the 30th November, 2018, making the network see the movement of 60% of Litecoin’s total market cap.
The information, according to data made available by BitInfoCharts reflects that around 35,400,000 LTC ($1.1Bn), which is equivalent to 60% of Litecoin’s total market cap, was moved, hinting at a new King Whale. Rumours has it that the transaction may be carried out by Bakkt or Fidelity. However, there is no tangible information to back it up.
Meanwhile, a large section of the said transacted fund came from a single entity with more than 40 new wallets joining the rich list wallet with a balance of 300,000 Litecoin (LTC) (~$10,000,000) contained in each wallets. The wallet accounts for nothing less than 12M Litecoin (~$372M).
According to Litecoin.com, “If this is not an exchange then 12M Litecoin are now out of circulation, alleviating a significant potential selling pressure on the open market.”
Litecoin.com pointed added that “If it is however an Institution, one could theorise that these addresses may be potentially owned by Bakkt or Fidelity, pre-emtively taking a large stake in the market in preparation for their respective launches early next year.”
While the actual owners of these Litecoins are unknown, it is hard to rule out the possibility of private individuals owing the transacted cryptocurrency.
Around February 2018, over $1bn was also moved on the Litecoin (LTC) network due to the panic witnessed across the crypto space then. After that period, the Litecoin network has be transacting around $100m daily regardless of the market fluctuation.