Sign Up on MEXCLitecoin Halving Might Trigger A Sell-off; On-Chain Data
Litecoin News: Litecoin (LTC), the crypto which is referred to as the silver to Bitcoin’s (BTC) gold is moving close to its block reward halving. This comes in when BTC is still almost a year from its much anticipated halving. As LTC miners gear on to bear brace the block reward halving impact, on-chain data suggests a considerable price dump.
Also Read: “X” Token Surges 2000% Post Elon Musk’s Twitter Profile Update
Litecoin Price Dump Ahead?
According to Ali, the crypto analyst suggested that wallet addresses for Litecoin have increased dramatically recently. This can prove to be a not good sign for the LTC price ahead as it could face a dump ahead. However, Litecoin’s block subsidy is expected to drop from 12.5 LTC to 6.25 LTC per block after its fourth halving event.
As per the data, every time when LTC addresses exceeded 350K in the past 5 years, a major price correction came in with it. August 2021 to January 2022 was the last period when Litecoin faced this kind of situation.
Ali highlighted that more than 690K LTC addresses have been created recently in the excitement of the halving event which will take place in the next 9 days. He indicated that the upcoming halving could prove to be a selling event. This could lead to increased selling pressure and contribute to short-term price fluctuations.
Sanitment’s data depicts that around 36,800 wallet addresses hold at least 100 Litecoin each. Around 1,185 wallet addresses holding more than 100 LTC, each recently joined this tally.
Litecoin has failed to impress in recent times as its price has just surged by 5% and 0.29% in the last 60 and 90 days, respectively. However, LTC price is down by over 3% in the last 24 hours. It’s trading at an average price of $89.49, at the press time. Litecoin’s 24 trading volume is up by 30% to stand at $482 million.
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
