In the report, Litecoin reserves are pegged 101.43%, meaning there are more reserves than users funds. Such reserves serve as a safeguard in case a significant number of users move to withdraw their funds.
“Reserves within the crypto house, function a safeguard, akin to the monetary reserves held by conventional banks. Sustaining reserves at or above 100% is an important sign they’re dedicated to the safety and integrity of consumer belongings. The slight excess in LTC, shows Binance’s dedication to making sure that buyer belongings are absolutely backed, no matter market volatility.”
The price action shows that LTC broke out from a descending resistance trend line on Sept. 29, indicating that the correction had ended. After validating the trend line as support, LTC accelerated its rate of increase.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.