Whales stock up on LTC — but BTC value stays weak
Despite its fair share of controversy, Litecoin is still the 12th-largest cryptocurrency by market cap at around $6.8 billion, with miners currently earning 7,200 LTC in block rewards daily, equal to around $670,000.
As the halving approaches, major investors appear to be making a move, with popular trader Mikybull Crypto and others noting that “whales” have purchased almost $60 million worth of LTC in the past two days.
However, when it comes to BTC, there appears to be little cause for celebration. Data from Cointelegraph Markets Pro and TradingView shows that Litecoin is near its all-time lows against the largest cryptocurrency, a trend that has been consistent over the years, regardless of the halvings.
As of July 19, LTC/BTC trades at 0.0031, with its all-time low of 0.0017 coming in June 2022. By comparison, 1 LTC was once worth as much as 0.052 BTC — the equivalent of $1,560 today — whereas its all-time high in USD was in May 2021, when it traded at over $400 per token, as opposed to its more modest $93 today.
Little consolation for Bitcoin forks
In terms of weakness against Bitcoin, Litecoin is far from the worst performer.
A comparison that has been made over the years is between forks of Bitcoin and BTC itself, and the results have been consistently unfavorable for the latter.
Bitcoin Cash (BCH) hit all-time lows in BTC last month, and despite a bounce since, it remains at just 0.00817 BTC — 98% below its all-time high of 0.432 BTC.
The situation for Bitcoin SV (BSV) is even more dire, with a rebound from record lows in June already stalling.
At the time of writing, BSV/BTC traded at 0.00124 BTC — again 98% lower than its all-time high.
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