Litecoin Bulls Charge Ahead: Halving Sparks Accumulation!
Litecoin investors have been steadily accumulating the digital asset in anticipation of its upcoming halving event.
According to data from Santiment, mid-sized Litecoin whales, holding between 100 to 10,000 LTC, have been actively purchasing the cryptocurrency, with a total of 205,400 LTC acquired since June 14. This accumulation is attributed to the impending halving event, which is expected to reduce block rewards from 12.5 LTC to 6.25 LTC.
These mid-sized wallet holders collectively own 18.18 million LTC, valued at approximately $1.7 billion.
⚡️ With #Litecoin's highly anticipated #halving event within arm's reach on Wednesday, key traders holding between $9.5k and $950k worth of $LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a #bullish event by traders. https://t.co/wkpoOrceCS pic.twitter.com/1UrxCdcoGS
— Santiment (@santimentfeed) July 30, 2023
It’s worth noting that cryptocurrency traders generally view halvings as positive events for the market.
The optimistic sentiment surrounding Litecoin has contributed to its price appreciation, with LTC experiencing a 4.34% gain in the last 24 hours, bringing its value to $95 at the time of writing.
This marks a positive shift from its performance earlier in July when the price dipped below $100. The price surge in June, driven by its listing on the EDX Market as one of four supported cryptocurrencies, was followed by a decline in early July, with the price peaking at $113.
READ MORE: WhaleAlert Reveals Massive Stablecoin Transfers
In light of the impending halving event, LTC’s price has seen a 3.2% increase in the past five days, rebounding from a low of $89 recorded on July 25.
Moreover, trading volume for LTC has significantly increased during this period, reaching over $1 billion in the last 24 hours, a nearly 150% surge compared to the $395 million recorded on July 29, according to BeInCrypto data.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
