Despite the overall consolidation in the cryptocurrency market, Litecoin (LTC) is defying gravity and experiencing a notable upward movement. The price action of Litecoin has been positive in recent weeks, driven by the anticipation of the highly-anticipated Litecoin halving event. As the halving event draws closer, which is only two months away, there has been a significant increase in on-chain transaction volumes on the Litecoin blockchain, as well as heightened whale activity. Additionally, the surge in LTC20 transactions on the Litecoin blockchain has played a crucial role in boosting network activity.
With the approaching halving event, it is expected that whale activity will continue to remain high over the next two months. Following the halving, the block reward for LTC miners will be reduced from 12.5 LTC to 6.25 LTC per block. This reduction in block rewards adds to the anticipation surrounding Litecoin and its potential impact on its price and network dynamics.
Related: Litecoin’s Pre-Halving Momentum: Could it Drive the Price to $100?
Litecoins Market caption
According to data from IntoTheBlock, Litecoin (LTC) had a remarkable month in May 2023, with the total number of LTC addresses surpassing 8.5 million. As one of the most widely used cryptocurrencies for payments, Litecoin boasts a higher number of addresses compared to other prominent assets like 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
Furthermore, if the upward trend in on-chain volume for Litecoin continues, it would indicate strong interest from major investors who are keen to enter the LTC market ahead of the halving event. Santiment, a crypto analytics firm, highlighted the significance of the upcoming LTC20 halving on August 10th for the Litecoin network. The general expectation among experts is that the halving event will have a positive impact on the price of Litecoin, and Santiment shares this belief.
Litecoin’s recent performance has been outstanding, as it has outperformed other crypto assets over the past 30 days. With a 7.5% increase in value during this period, Litecoin has secured the third-highest gain among digital assets, surpassing Bitcoin’s 6.2% decline and Ether’s marginal 0.5% decrease. This consistent overperformance highlights Litecoin’s resilience and attractiveness to investors in the current market conditions. At press time, Litecoin is trading at $94.64 with an upward spike of 2.52% made within 24 hours.
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