Litecoin (LTC) Trading Volume Witnesses Massive Surge as Halving Nears
Summary: Santiment, a crypto analytics platform, has observed a rise in interest in Litecoin (LTC) as the halving date approaches. Trading volume has increased significantly, jumping from $377 million to $560 million in 24 hours. Despite a 20% drop in LTC price since June, analysts believe it signals a local bottom on shorter time frames.
As the much-anticipated Litecoin (LTC) halving on August 2 draws near, the popular crypto analytics platform Santiment has noticed a rise in interest in LTC. As the countdown nears its end, the cryptocurrency’s trading volume has increased dramatically, jumping from $377 million to an astonishing $560 million in only 24 hours.
Change in Market Sentiments
Although the price of LTC has dropped by almost 20% since the beginning of June, this astonishing increase in trading volume seems to have halted the trend. Analysts believe they have seen the beginnings of a local bottom on the charts of shorter time frames, which might signal a change in market attitude.
Despite the increase in amount of trades, views among leading cryptocurrency experts about LTC’s price movement in the future remain divided. Benjamin Cowen is one such expert who has drawn attention to a trend in the past with regards to Litecoin’s halving occurrences.
He disclosed that the price of LTC often drops in the months of June and July during halving years. Cowen’s tweet drawing attention to this trend seems to coincide with the beginning of LTC’s current slide, which is intriguing.
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In addition to Cowen’s findings, another data-driven trend connected to the halving was discovered by analyst Ali Martinez. The crypto analyst found that over the last five years, when the number of new LTC addresses topped 350,000, prices dropped significantly.
More than 690,000 LTC addresses have been created in recent days, suggesting a possible “sell the news” event related to the approaching halving.