Data revealed by Santiment shows what likely drove LTC up 29%
Sentiment data aggregator spills the beans on a possible driver of Litecoin’s 29% surge in the past 24 hours
LTC regains high last seen in May, here’s what may be behind it
According to the analytics team of the company, over the past 14 days, large wallets have been grabbing a massive amount of Litecoin — $42.4 million worth of LTC. The accumulating wallets contain between 1,000 and 100,000 Litecoin.
This was the “key to watch” for LTC price to surge above the $80 per coin level for the first time since May. As of now, the price has declined slightly to $78.77.
At the start of the year, “digital silver” — as LTC is widely known in the crypto community — was changing hands at the $150 level, since then having dropped by more than 50%.
LTC Growth powered by MoneyGram
In early November, Sentiment also tweeted that Litecoin was on a “good run” as it jumped nearly 8%, outperforming the rest of the crypto market. According to the company’s experts, this was due to the growth of wallets holding more than 1,000 LTC.
Besides, Ripple’s former partner, MoneyGram, gave Litecoin a boost as it launched a service that enables customers to hold, trade and transfer Litecoin, Bitcoin and Ethereum. The service so far operates in the U.S. after a collaboration of MoneyGram with Coinme crypto exchange began.
