Litecoin pumps ahead of halving event; Can LTC reach $100?
With solely three months left till its halving in August, when the reward for mining new cash will break up in half, Litecoin (LTC) is recording features of over 20% within the final 10 days, making it one other cryptocurrency subsequent to Bitcoin (BTC) to witness value surges as its halving occasions method.
Certainly, Litecoin has neared the essential $100 value stage after hovering to $93.25 within the early morning of Might 17, which represents a 21% enhance from $77.06, the place its value stood at 9 days earlier than, in line with latest information retrieved by Finbold on Might 17.
Within the meantime, LTC is presently altering arms at $92.31, which represents a rise of three.64% on the day and 16.29% throughout the earlier week, because the crypto asset reverses losses of 6.75% collected over the previous month.
Elevated exercise
On the similar time, Litecoin is seeing elevated exercise on its community, because the variety of its energetic addresses is recording a sudden huge enhance, triggered by LTC-20 crypto belongings “shaking up the community exercise and provide distribution of wallets,” as observed by the blockchain analytics platform Santiment on Might 12.
On prime of that, the variety of Litecoin transactions per day is hovering as nicely, in line with the chart from the main onchain and monetary metrics analytics platform Glassnode shared in a tweet revealed by Litecoin Basis on Might 10.
As a reminder, block halving takes place each 4 years on the Litecoin blockchain, and the subsequent one ought to happen on August 2, 2023, at block 2,520,000, though the precise date may change in accordance with the community’s hash fee fluctuations.
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