Altcoin Litecoin witnessed a surge in network activity 11 days before the much anticipated halving. The crypto community has high expectations for LTC. Accordingly, whale activity and total number of owners have increased in the last few weeks. Also, open interest in LTC increased. On the other hand, the funding rate was also high. Let’s look at the details.
Altcoin Litecoin is experiencing a different situation
Altcoin Litecoin [LTC] halving in 11 days. But Blockchain has already witnessed a surge in activity. The hype has also allowed the altcoin to push its price up marginally over the past 24 hours.
While the halving is usually followed by a price increase, many expect LTC to explode in the coming days. But should investors expect something big from cryptocurrency before it happens?
A look at Litecoin ahead of the fourth halving
Nicehash’s countdown marked that Litecoin’s fourth halving is only 11 days away from the time this article was written. As the excitement around LTC grows, there has been increased activity in terms of accounts on the blockchain as well.
Santiment’s latest tweet revealed that another 1,185 addresses with at least 100 altcoin LTC have been created in the past 24 hours. In addition, this indicates high accumulation before the big event.
🗲 #Litecoin's upcoming #halving on August 2nd is still bringing increased trader enthusiasm. In the past 24 weeks, as more have become aware of it, 1,185 more addresses have been created that own at least 100 $LTC. Most expect this to be a #bullish event. https://t.co/r52R73DkiA pic.twitter.com/LcaFyBJGhS
— Santiment (@santimentfeed) July 21, 2023
Not only that. Whale activity has also increased over the past few weeks, as evidenced by the increase in whale transaction numbers, according to Santiment’s chart. Moreover, the total number of altcoin LTC holders has also increased sharply. The increase in the metric showed that the confidence of the investors in the cryptocurrency is high.
The status of the Altcoin Litecoin mining industry looks interesting
While network activity increased, the same was not true for the blockchain’s mining industry. Coinwarz’s chart revealed that Litecoin’s hashrate has been falling over the past week.
A similar bearish trend is also present in the difficulty chart of LTC. Accordingly, this indicates the exit of miners from the network. Surprisingly, however, this happened at a time when miners’ fees increased with the price of the coin, often attracting new miners.
Speaking of the price action of LTC, it has gained bullish momentum in the last 24 hours as its value has increased by over 2.5%. At the time of writing, it was trading at $94.48 with a market cap of more than $6.9 billion. An increase in price may result in an increase in the aforementioned metrics as it will mean more profits for miners.
Huge prediction for altcoin
As the halving date approaches, many in the crypto community have high expectations for Litecoin. According to Shan Belew, a popular Twitter user who has posted updates on the Litecoin ecosystem, he stated in his latest tweet that according to his findings, the price of altcoin Litecoin could reach the $30,000 mark.
Oh sh*t. I had the $625k – $1.5M targets on the chart and was looking at how this market structure for Bitcoin looked just like 2015-2017 cycle. So I overlaid the fractal and sure enough it was spot on with @CathieDWood Bitcoin targets. This could occur as early as May 2025.… pic.twitter.com/fcmJuex2qJ
— master (@MASTERBTCLTC) July 20, 2023
Whether the price will actually rise to this level is a question only time can answer. However, looking at the derivatives market of LTC, a bullish trend is seen.
For example, when we look at cryptokoin.com, the recent uptrend was accompanied by an increase in Open Position. On the other hand, Binance funding rate was also high. Accordingly, this situation reflected the demand in the derivatives market.
57565
