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Litecoin [LTC] the network has seen 41 portfolios containing an exact amount of 300,000 LTC each recently entered the rich list. The portfolios, in total, contain 12.3 million LTC, or 20.69% of the total coins in circulation.
The addresses displayed in the rich list show deposits between November 30 and December 1, 2018 and the total amount of LTC, comes to a net value of $ 381.3 million, with $ 31 per LTC, at the transfer time. These 41 portfolios together hold 20.8% of the market capitalization for Litecoin.
As a result, the Litecoin network saw over 60% of the market capitalization moved in just one day.
The movement of funds points to three possibilities, the first is a whale that buys the plunge and divides funds into multiple portfolios. The second reason, which is more than a speculation, is that some institutional buyers are charging their accounts before launching into the crypto verse. The last reason could be an exchange that shifts the funds of its users into cold storage portfolios or simply guarantees the funds.
As Franklyn Richards, founding director of the Litecoin Foundation, pointed out, it could very well be an institution like Bakkt or Fidelity, but it is still a wild speculation.
A Twitter user, Samman, commented:
"I think I'll go all-in to LTC because it's better than BTC 1) better technology 2) no future (wall street) less manipulation 3) biggest drop ever high 4) more decentralized Someone is thinking like me?"
Another user, Peter Tenaglia, commented:
"I wonder if all the BTCs and LTCs that are being moved have anything to do with the web bot reported a couple of years ago that mentioned a public display before a price explosion?"
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