Sign Up on MEXC
Defying the consolidation in the broader cryptocurrency market, Litecoin (LTC) is once again making moves to the north. Over the last 24 hours, the LTC price is up by 5% shooting past $95.
Over the last few weeks, Litecoin (LTC) has been showing good price action to the north as the most-awaited Litecoin halving event approaches closer. With the LTC halving event just two months away from here onwards, the on-chain transaction volumes on the Litecoin blockchain and the whale activity have shot up. On-chain data provider Santiment explained:
Litecoin’s market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January.
The surge in the LTC20 transactions on the Litecoin blockchain has also contributed to providing a major boost to the Litecoin network activity. As the halving event approaches closer, whale activity is expected to remain high over the next two months.
After the Litecoin halving, the per block reward to LTC miners will be reduced to 6.25 LTC from the existing 12.5 LTC.
Litecoin’s Strong Showdown
Data from IntoTheBlock also shows that Litecoin witnessed a strong month in May 2023 with total LTC addresses surging past 8.5 million. Litecoin (LTC) is one of the highly used payment cryptos and as a result, the total number of addresses for LTC easily exceeds other notable assets such as Cardano, Dogecoin, and Polygon.
Litecoin had a strong month. Total addresses with a balance has increased more intensely since the end of April and we now observe nearly 8.5 million LTC addresses with a balance!#Litecoin https://t.co/beYBnYLzm8 pic.twitter.com/seMsdiJEup
— IntoTheBlock (@intotheblock) May 30, 2023
Also, if the increase in the on-chain volume for Litecoin continues, it would be a strong sign that big players are willing to jump into the LTC investments ahead of halving. Santiment noted: “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.”
Also, the Litecoin futures and derivatives contracts have also been buzzing recently. As per data from Glassnode, the Litecoin futures volumes have surged past $472 million.
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- AVAX Price Eyes $55 as Avalanche $1B Treasury Boost Gains Momentum
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
