"Wow, will the LTC price go up that much before the halving?"
Cryptocurrency Litecoin (LTC) which may perform the third halving event on August 10, 2023 will push its price to jump higher as the supply of assets will decrease while the demand will increase.
Despite that, there are three things that can give an indication for the increase in the price of LTC ahead of the halving event.
First, the discussion regarding the LTC20 halving event which is getting hotter among investors has become the reason why the price is increasing as traders start to show interest in the digital asset.
While the price of LTC also surged as the value transferred on the blockchain of the digital asset peaked, where there was a steady increase in the number of transactions in the LTC chain since May 8, 2023.
According to Brian Quinlivan, Santiment's marketing director and expert, said that large wallet investors as well as big players in the ecosystem will become more interested in LTC if the volume of transactions continues to increase.
Although active addresses decreased over the past week, experts expect the price of LTC to bounce back during the LTC20 halving event as the number of addresses interacting on the digital asset network has recently surged.
It is already known that LTC is currently at the level of $89, but the price is capable of climbing higher as whales are seen targeting the digital asset to pass $100 before making a correction.
This is because there is a wave of between 500 and 600 transactions exceeding the value of $1 million on the LTC network.
