Litecoin’s Halving Hype: Whales to Fuel Price Surge Ahead of LTC’s Big Event
According to a prominent crypto analytics company, there are indications that the price of Litecoin (LTC) might experience an upswing before its halving event.
In a recent publication, Santiment suggests that the forthcoming LTC20 halving, which reduces the number of newly generated coins awarded to miners by half, will positively impact Litecoin’s price.
Santiment highlights the notable increase in Litecoin’s on-chain volume, which, if sustained, could contribute favorably to its price. This surge in on-chain volume signifies the involvement of significant investors who are accumulating LTC in anticipation of the halving.
Additionally, the number of unique addresses interacting on the Litecoin network has reached its highest level in over a year, indicating a keen interest in purchasing LTC at its current price.
It wouldn’t be surprising to witness a price surge above $100 before a possible temporary decline, as whales (large-scale investors) tend to manipulate prices during halving events.
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The Litecoin network has experienced waves of daily transactions exceeding $1 million, followed by a sudden 95% decrease in activity for a week, suggesting unusual market behavior.
Santiment predicts that trading volumes may slow down in the short term but will likely pick up again in mid-June as traders anticipate the halving event. As a result, it is reasonable to expect a temporary cooling off in average trading returns for Litecoin in the short and mid-term timeframes.
However, as the August event approaches (around mid-June), a significant increase in anticipation for LTC 20 could occur.
The Litecoin halving is scheduled for August 10, 2023.
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.
