Litecoin Whale Activity Pushes LTC Price Over $95 Again

Defying the consolidation in the broader cryptocurrency market, Litecoin (LTC) is once again making moves to the north. Over the last 24 hours, the LTC price is up by 5% shooting past $95.

Over the last few weeks, Litecoin (LTC) has been showing good price action to the north as the most-awaited Litecoin halving event approaches closer. With the LTC halving event just two months away from here onwards, the on-chain transaction volumes on the Litecoin blockchain and the whale activity have shot up. On-chain data provider Santiment explained:

Litecoin’s market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January.

The surge in the LTC20 transactions on the Litecoin blockchain has also contributed to providing a major boost to the Litecoin network activity. As the halving event approaches closer, whale activity is expected to remain high over the next two months.

After the Litecoin halving, the per block reward to LTC miners will be reduced to 6.25 LTC from the existing 12.5 LTC.

Litecoin’s Strong Showdown

Data from IntoTheBlock also shows that Litecoin witnessed a strong month in May 2023 with total LTC addresses surging past 8.5 million. Litecoin (LTC) is one of the highly used payment cryptos and as a result, the total number of addresses for LTC easily exceeds other notable assets such as 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

Also, if the increase in the on-chain volume for Litecoin continues, it would be a strong sign that big players are willing to jump into the LTC investments ahead of halving. Santiment noted: “The LTC20 halving coming up on August 10th will be a significant event for the Litecoin network. Most experts expect the event to have a positive impact on the price of Litecoin, and we would be included in this belief.”

Also, the Litecoin futures and derivatives contracts have also been buzzing recently. As per data from Glassnode, the Litecoin futures volumes have surged past $472 million.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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