Litecoin Network Processes $62 Million Transactions For 50 Cents Only 

During the bearish market, LTC was one of the cryptocurrencies that suffered loses the most. For a long time now, LTC has been hovering around $50. The dramatic drop in price, at one point, left investors worried about the future of the seventh largest cryptocurrency per market capitalization. In a bid to encourage people to use the Litecoin network, users who perform large transactions can now enjoy lower transaction fees. The larger the transaction amount, the lower the fee will be. A transaction that was worth $62 million which is equivalent to Ł1,159,005.90779568 has just been completed on the network for $0.5 which is equivalent to Ł0.00922.

While this is not the first time such a large transaction is being recorded on the Litecoin network, this one was noteworthy because of the exceptionally low fee. Litecoin.com shared the transaction stating:

“This transaction is a perfect example of the advantages of Litecoin and cryptocurrency in the global transfer and settlement of money in this internet era.”

The official explanation stated that the transaction was for the consolidation of funds from some legacy addresses to a SegWit “M” address.

Litecoin (LTC) Price Today – LTC / USD

Name Price24H (%)
Litecoin (LTC)
$23.33
-3.96%

About four Litecoin (LTC) transactions of about 5,000 LTC each were carried out making up for the 20,000 LTC transaction recorded. While no one knows who the owner of the transaction is, it was made by an address that was previously the richest on the network. Speculation is that the funds were moved to the cold wallet of an exchange for better security.

Litecoin Gets More Liquidity

In a bid to offer users more liquidity, Litecoin.com now gives users an option to buy Litecoin directly on its platform. The announcement that was shared by the venture was as follows:

“We offer users a simple and convenient way to buy LTC within 5 minutes. Whether it’s in USD, EUR or GBP, users can buy from $50 to $20,000 worth of LTC using their credit cards. We have collaborated with Simplex to offer this feature and they will be in charge of all the KYC/AML regulations involved in the process. Users will get the payouts within 24 hours.”

The P2P cryptocurrency exchange Hodl Hodl now allows users to buy and sell BTC and LTC. They can also exchange them for other cryptocurrencies.”

Litecoin (LTC) Price Analysis

Currently, Litecoin (LTC) Is trading at $51.87. This shows that it is down by 0.38% against the USD and down by 0.25% against Bitcoin. The 24 hour trading volume is $352,612,997 and the market capitalization is $3,065,964,316. The next few trading sessions will determine if the price action will change.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.