Setting up new records: Litecoin's $ 62 million (LTC) shifted for less than $ 0.50

Even if one of my colleagues does not love Litecoin too much and does not see it, this is still one of the biggest coins, most of the active development teams and the second most secure network in space encryption in terms of hashpower .

According to a publication of Litecoin on Medium, the Litecoin network has developed one of its largest and most precious transactions ever, £ 1,159,005,9099568 worth ~ $ 62 million and all that cost to send was £ 0.00922 ($ 0.5). The transaction took place last week.

The transaction appears to be a consolidation of funds at a new Multi-Signature / Segwit & # 39; M & # 39; from a handful of Legacy addresses. The transaction that created the new richest address on the network was made from the previous richest address on the network, which is now empty. 71,618,997 days of coins were also destroyed in the process.

Of course, it is difficult to know who the address belongs to, but the most plausible option is that the address belongs to a cold room of one of the largest exchanges. The funds have been transferred to the multisig address to increase the level of security of the funds as this means that more parties must sign the transaction before it is valid. Multisignure addresses require a combination of multiple private keys. Since these take advantage of new features, they start with the new prefix 3 instead of the older 1. These can be thought of as the equivalent of writing a two-part check: "pay for someone's order. and someone else "- where both parties must approve the check to receive the funds.

The actual requirement (number of required private keys, corresponding public keys, etc.) Which must be met to spend the funds is decided in advance by the person who generates this type of address and, once an address has been created, the requirement can not be changed without generating a new address.

"The transaction contained more than 20,000 LTC inputs, which in turn appear to consist of four 5,000 LTC transactions that come from an address that still holds a balance of over 150,000 LTC at the time of writing. on and from it on a fairly common basis, suggesting that this is most likely the hotwallet for the exchange and these transactions are users who deposit and withdraw funds from the platform. "

Litecoin price

As Fxstreet analyzes. "Litecoin's price was seen to record modest losses of around 1% on Friday, but the current price trend and pattern formation remain quite worrying – LTC / USD is running in its third session consecutive loss.

Price action for LTC / USD has shifted to downward rather steep downward channel formation. This technical configuration began to take shape after the high print of November 7, up to $ 56.54.

The next major support area, with the price drop in the channel, is around $ 50.80. This was a consolidation area seen from 2 to 4 November, before the upward race. Further south, the eyes would have lowered on October 31, where the price managed to rebound, falling to $ 47.73 ".