LTC Shows More Fangs Approaching "Halving" Soon! Here's What the Market Needs to Know

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LTC has seen the opposite movement compared to most other cryptocurrencies lately. Over the past 24 hours, the price of LTC rose by 5% above $95.


Over the past few weeks, Litecoin (LTC) has shown good price action to the upside ahead of the approaching halving. With the upcoming halving event two months from now, the volume of on-chain trading on the Litecoin blockchain and whale activity has been seen to increase.


In-chain data provider, Santiment explains:



Litecoin market value is +6.5% in the last 24 hours due to the halving event which is more than 2 months away. The surge has been fueled by the highest number of on-chain actions in 2 years, and the highest whaling activity since January.


The surge in LTC20 transactions on the Litecoin blockchain has also contributed to providing a major boost to Litecoin network activity. After the halving, the reward per block to LTC miners will be reduced to 6.25 LTC from the existing 12.5 LTC.


Data from IntoTheBlock also shows that Litecoin saw a strong month in May 2023 with the number of LTC addresses surging past 8.5 million. If the increase in on-chain trading volume for Litecoin continues, it will be a strong sign that other Whales are ready to jump into LTC investments before the halving.

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