Review of Litecoin’s price performance is not to be missed – Litecoin’s price has been on a bullish run over the last month, with the coin’s price movement increasing by 25.18 percent. Consistent with larger market signals, the coin’s price has increased steadily over the previous month. In the recent past, rising interest from whales may have contributed to Litecoin’s tremendous rise.
Since the 26th of July, when interest in whales was at an all-time low, it has steadily increased, and the price has followed suit.
Although it is a positive indication, a significant connection between price and whale activity may render the cryptocurrency susceptible to a pump-and-dump scheme.
Even while a rise in the number of wallets holding $10 million is a positive indication, there must be further evidence of altcoin’s growing stability.
Fortunately, we can observe that the number of registered unique addresses has been increasing.
Only Bitcoin and Ethereum have more unique addresses than Litecoin’s 150 million, so things are looking better for LTC.
Not only does Litecoin have a favorable pricing and on-chain metrics, but it also seems that the Canadian government has approved of the currency.
In an unprecedented step, the Canadian government has decided to restrict individual investors’ cryptocurrency expenditures to a maximum of $30,000 CAD.
Bitcoin, Ethereum, Litecoin, and Bitcoin cash are the cryptocurrencies that are exempt.
Evidently, Litecoin has joined the ranks of the leading cryptocurrencies. This kind of certification from the Canadian government may increase investor confidence in the alternative cryptocurrency.
Additionally, this story has generated interest in Litecoin on social media channels. Consider the following chart as an example. With the rising popularity of Litecoin and its partnerships with large corporations like as PayPal, the future of Litecoin is now bright.
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