Whale activity and total keepers have shown an uptick in recent weeks.
LTC’s outstanding interest increased and the financing rate was also high.
The Litecoin [LTC] the halving is just over 11 days as of writing and the blockchain is already witnessing an uptick in activity. Due to the hype, the coin has also increased slightly in price in the past 24 hours.
Read Litecoins [LTC] Price prediction 2023-24
While halvings are generally followed by a price increase, several expect LTC to boom in the coming days. But should investors expect something big from the coin before the event happens?
A look at Litecoin ahead of its fourth halving
from Nicehash countdown pointed out that the fourth Litecoin halving is only 11 days away as of the time of writing this article. As the hype around LTC increased, the blockchain also recorded more account activity.
Santiment’s recent tweet revealed that an additional 1,185 addresses were created in the last 24 hours with at least 100 LTCindicating high accumulation prior to the major event.
#Litecoincoming #halving on August 2 continues to generate more enthusiasm among traders. In the last 24 weeks, as more people have become aware of it, an additional 1,185 addresses have been created with at least 100 $LTC. Most expect this one #bullish event. https://t.co/r52R73DkiA pic.twitter.com/LcaFyBJGhS
— Santiment (@santimentfeed) July 21, 2023
Not only that, but according to Santiment’s chart, whale activity has also increased in recent weeks, as evidenced by the surge in whale transactions. In addition, the total number of LTC holders has also risen sharply.
The rise in the statistic suggested that investor confidence in the currency was high.
The state of the Litecoin mining industry looks interesting
While network activity increased, the same did not apply to the blockchain mining industry. Coinwarz’ graphic revealed that the Litecoin hashrate registered a drop in the past week.
A similar downward trend was also seen on LTC difficulty graphic, which indicates an outflow of miners from the network. However, the surprising thing was that this happened at a time when miner fees were increasing along with the price of the coin, which generally attracts new miners.
Citing LTC’s price action, it gained bullish momentum over the past 24 hours as its value rose more than 2.5%. At the time of writing, it was trade at $94.48 with a market cap of over $6.9 billion.
The price increase may result in an increase in the aforementioned stats as it would mean more profit for miners. As the half-date approaches, several in the crypto community have high hopes for Litecoin.
According to Shan Belew, a popular Twitter user who posts updates related to the Litecoin ecosystem, he mentioned in his latest tweet that, according to his findings, the price of Litecoin may reach the $30,000 mark.
Oh sh*t. I had the $625,000-$1.5 million targets on the chart and looked at what this market structure for Bitcoin looked like, just like the 2015-2017 cycle. So I covered the fractal and sure enough, it was perfect @CathieDWood Bitcoin Targets. This could happen as early as May 2025.… pic.twitter.com/fcmJuex2qJ
— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) July 20, 2023
How many Worth 1,10,100 LTCs today?
But whether the price actually rises to that point is something only time can answer, a look at LTC‘s derivatives market gave a bullish idea. For example, the recent upward trend was accompanied by an increase of Open interest.
LTC’s Binance funding rate was also high, reflecting demand in the derivatives market.
This post Assessment of the state of Litecoin ahead of the fourth halving
was published first on https://ambcrypto.com/assessing-litecoins-state-ahead-of-its-fourth-halving/