Litecoin ($LTC) and Binance’s $BNB See Whale Transactions Rise, Says Crypto Analytics Platform

Whale transactions for Litecoin ($LTC), a cryptocurrency that’s often referred to as the silver to Bitcoin’s gold, and for Binance’s native tokens $BNB and $BUSD have recently surged, suggesting significant moves are being made.

According to on-chain analytics firm Santiment, Litecoin, Binance Coin, and Binance USD have all been seeing surges in transactions above $1 million, which could point to increased interest in these cryptocurrencies.

Litecoin was created back in 2011 as a fork of Bitcoin, and features near-zero cost peer-to-peer transactions. It differs from the flagship cryptocurrency in a number of ways, however, with reduced transaction confirmation times, lower fees, a larger maximum supply of 84 million LTC, and other different technical aspects.

The cryptocurrency was created by former Google engineer Charlie Lee, who referred to it as a “lite version of Bitcoin” at one point. It has been outperforming the wider cryptocurrency market in the wake of FTX’s collapse, which has seen several platforms, including Genesis and BlockFi, halt withdrawals.

Much like BTC, Litecoin undergoes halving events, in which the coinbase reward for miners who find blocks on the network is halved. Litecoin’s next halving event is expected to occur in August 2023, and will reduce mining rewards from 12.5 LTC to 6.25 LTC. Halving events are seen as bullish, as new supply on the market is halved through them.

Large transactions for $BNB and $BUSD have also spiked at a time in which fear, uncertainty and doubt (FUD) surrounding Binance and other cryptocurrency exchanges has been growing, as after the collapse of FTX critics have questioned the Proof-of-Reserves reports these platforms put out.

In a separate tweet, Santiment noted that cryptocurrency markets were heavily impacted by news events this year, with traders monitoring a number of factors as the year comes to an end, including the collapse of FTX, rising interest rates, the COVID-19 pandemic, and Russia’s invasion of Ukraine.

Santiment has deemed these cryptocurrencies are worth keeping an eye on as all have new developments coming in the near future, from Litecoin’s halving to Binance’s Proof-of-Reserves and the community’s reaction.

As CryptoGlobe reported, a popular crypto analyst has suggested that $LTC’s price could surge over 400% to surpass its previous all-time high as it leads an altcoin market rally in the future. 

Image Credit

Featured image via Pexels

Source: Read Full Article