The recent growth in the value of Litecoin (LTC) has brought it to Coinfirm Data Team’s attention. The token is currently ranked 15th in market capitalization, observing a 24% growth over the past 30 days.
Coinfirm’s Data Team analyzed Litecoin all time transactions, focusing on identified exchanges with the highest share in outbound transactions.
The results showed that the top 10 exchanges account for 13% of all Litecoin transactions to date.
TOP 10 Exchanges Litecoin Transfers
Outbound LTCs from these platforms were primarily sent from Huobi (25%), Binance (23%), and Bitfinex (13%). Notably, Binance was the largest recipient of these transfers, receiving 18% of all outbound LTC from the Top 10 exchanges — proving its current position as a market leader.
51% of inbound transfers to Binance came specifically from Huobi, while other top trading platforms such as OKX made up 17%, and Bitfinex 11%.
Huobi Litecoin Outbound Transactions
Huobi had the most significant presence with outbound transfers; distributing 25% to different exchanges, with leading Binance (36%) and OKX (27%). It appears that Asian-originated platforms are at least partially responsible for driving LTC’s growth through high amounts of outbound trading activity as well as by accepting large amounts of incoming LTC from other wallet holders.
FTX Inbound Litecoin Transactions
There has been a lot going on around FTX lately, and as a result, we also checked the transactions coming into this exchange. The data shows that the Top 10 exchanges sent about 3% of LTC to FTX, with outbound transfers from Binance (42%), Huobi (15%), Bitfinex (12%)
Summary
Litecoin has been on the rise recently and stands in stark contrast to the downward trend of many other digital currencies. This surge can be attributed to 13 entities that have benefited from large Litecoin transfers from some of the largest exchanges.
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