Litecoin Sees Largest Spike in Active Addresses, Watch Out Whale Activity Before Halving
While Bitcoin and other altcoins have faced the heat of selling pressure, Litecoin is showing strength over the past few weeks. The LTC price has gained past $90 ending the last week with more than 14% gains.
Also, the recent surge in the Litecoin (BTC) price as analysts turn bullish over the upcoming Litecoin halving event ahead of this year in August 2023. Citing data from Glassnode, popular crypto analysts Ali Martinez reported about a strong uptick in the Litecoin active addresses. He wrote:
“Litecoin recently saw the largest spike in active addresses, where more than 832,000 $LTC addresses were interacting in the network as senders or receivers”.
Litecoin Halving LTC20 Just Three Months Away
The upcoming LTC20 halving ahead on August 10 will be a game-changing event for the Litecoin ecosystem. Of course, many experts expect it to have a positive impact on the LTC price.
The Litecoin halving shall happen on the block 2,140,000, thereby reducing the mining rewards for Litecoin from 12.5 LTC to just 6.25 LTC. Thus, this reduced supply and increased supply will push the price higher.
As discussions around the LTC20 started to heat up earlier this month in May, the on-chain transaction volumes also witnessed a gradual ascension. On-chain data provider Santiment reports that if the trend of increased on-chain volume continues, it will indicate that whales have started accumulating LTC ahead of the halving event. Furthermore, Santiment adds:
“The amount of unique addresses interacting on the Litecoin network absolutely skyrocketed, suddenly reaching a greater than one-year high just as its price was bottoming out. This was obviously a great signal that addresses were stocking up on what may be the only “discount” before August 10th”.
After quick gains over the last few weeks, there’s a possibility that LTC could enter a phase of consolidation in the short term before resuming the upward journey further.
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
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.
