Litecoin (LTC) is once again making headlines with a 5% increase in price over the last 24 hours, surpassing $95, despite consolidation in the broader cryptocurrency market. This upward price action can be attributed to the anticipation surrounding the Litecoin halving event, which is due to take place in just two months.
As the halving event draws closer, on-chain transaction volumes on the LTC blockchain and whale activity have significantly increased. On-chain data provider Santiment states that Litecoin’s market value has risen by 6.5% in the past 24 hours and that a 2-year high in on-chain transaction volume has been achieved. Additionally, the highest whale activity levels have been observed since January.
Increased LTC20 transactions on the Litecoin blockchain have contributed to the network’s activity surge. It is anticipated that whale activity will remain high leading up to the halving event. After the halving, the per block reward for LTC miners will be reduced from 12.5 to 6.25 LTC.
Data from IntoTheBlock shows that May 2023 was a strong month for Litecoin, with the total number of LTC addresses increasing to over 8.5 million. As one of the most widely used payment cryptos, the total number of Litecoin addresses easily outnumbers other notable assets such as Cardano, Dogecoin, and Polygon.
If the on-chain volume for Litecoin continues to increase, it is a positive indication that big players are getting involved in LTC investments. Most experts, including Santiment, believe the halving event will have a positive impact on the price of Litecoin.
Furthermore, there has been a noticeable buzz surrounding Litecoin futures and derivatives contracts. Data from Glassnode reveals that Litecoin futures volumes have surged past $472 million.
Despite the positive outlook for Litecoin’s price and network activity, it is essential to conduct thorough market research before investing in cryptocurrencies. The market is volatile, and the opinions expressed in this article are subject to change. The author and the publication do not hold any responsibility for personal financial loss.
Source: Coingape
