Halving News: Litecoin (LTC) Surges to New Heights Ahead of the Event
Litecoin (LTC) is setting new highs despite the general cryptocurrency market’s consolidation. In the previous day, the price of LTC has increased by 5%, pushing it beyond $95. As the much-anticipated Litecoin halving event draws near. Litecoin’s (LTC) price has been trending upwards over the last several weeks.
Whale activity and Litecoin blockchain transaction volumes have increased significantly in the last two months as the LTC halving event approaches.
According to Santiment, an on-chain data provider, within the last 24 hours, the value of Litecoin has increased by 6.5%. This is since the currency approaches its halving in just more than two months. This growth has been propelled by the strongest whale activity since January. And a 2-year high in on-chain transaction volume.
High Volatility Expected
Significant growth in Litecoin network activity may also be attributed to the uptick in LTC20 transactions on the Litecoin blockchain. The following two months should see a continuation of this high whale activity as the halving event draws nearer.
In the wake of the Litecoin halving, miners will get 6.25 LTC for each block instead of the current 12.5 LTC. According to IntoTheBlock data, May 2023 was a banner month for Litecoin, with the number of LTC addresses growing to over 8.5 million.
The overall number of Litecoin (LTC) addresses far outstrips that of other famous assets like Cardano, Dogecoin, and Polygon. Since LTC is one of the most widely utilized payment cryptocurrencies. Furthermore, if Litecoin’s on-chain volume continues to rise, it is a clear indication that institutional investors are eager to buy LTC before its halving.
“The LTC20 halving coming up on August 10th will be a significant event for the Litecoin network. Most experts expect the event to have a positive impact on the price of Litecoin, and we would be included in this belief.”
The futures and derivatives markets for Litecoin have also been active as of late. Glassnode reports that volume of Litecoin futures has exceeded $472 million.