Litecoin’s Pre-Halving Momentum: Could it Drive the Price to $100?

  • With just three months remaining until Litecoin’s pre-halving event in August, where the mining reward for new coins will be reduced by half, Litecoin (LTC) has experienced significant gains of more than 20% in the past ten days.
  • Notably, Litecoin has come close to reaching the crucial $100 price level, reaching a high of $93.25 in the early hours of May 17.

What is Litecoin?

Litecoin (LTC) is commonly acknowledged as the initial alternative cryptocurrency, often referred to as “the silver to Bitcoin’s gold.” Its launch took place on October 13, 2011, and it continues to hold a prominent position among peer-to-peer (P2P) cryptocurrencies in terms of market capitalization. Utilizing blockchain technology, Litecoin maintains a decentralized, public ledger that records and monitors all transactions.

Price surges as its halving events approach

With just three months remaining until Litecoin’s pre-halving event in August, where the mining reward for new coins will be reduced by half, Litecoin (LTC) has experienced significant gains of more than 20% in the past ten days. This surge in price aligns it with Bitcoin (BTC) as another cryptocurrency witnessing a price increase as Litecoin’s pre-halving approaches.

Notably, Litecoin has come close to reaching the crucial $100 price level, reaching a high of $93.25 in the early hours of May 17. This marks a 21% rise from its price of $77.06 just nine days prior, as per recent data obtained by Finbold on May 17.

In the meantime, LTC is currently changing hands at $92.31, which represents an increase of 3.64% on the day and 16.29% across the previous week, as the crypto asset reverses losses of 6.75% accumulated over the past month.

Ramped-up activity

Litecoin’s network is witnessing a surge in activity, with a notable and sudden increase in the number of active addresses. This significant rise in activity can be attributed to the introduction of LTC-20 crypto assets, which have caused a notable impact on the network’s activity and the distribution of wallets, according to observations made by the blockchain analytics platform.

Related to Litecoin

As a reminder, block halving takes place every four years on the Litecoin blockchain, and the next one should take place on August 2, 2023, at block 2,520,000, although the exact date might change in accordance with the network’s hash rate fluctuations.

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