Litecoin (LTC) Remains Red Despite Surge In Network Ahead Of Halving
May 31, 2023As the countdown to Litecoin’s highly anticipated third mining reward halving begins, the cryptocurrency has witnessed a surge in network activity, indicating growing investor interest. However, despite this update, Litecoin hasn’t seen any significant movement in the past 24 hours but instead has remained in the red.
Litecoin’s upcoming halving, scheduled for early August, will see the block reward slashed by 50% to 6.25 LTC, setting the stage for potential price impacts and market shifts. Following its latest decline, various on-chain metrics and indicators have painted a positive picture for Litecoin’s network, suggesting a promising future for the popular altcoin.
Onchain Activity Sees Surge
According to recent data from IntoTheBlock, Litecoin has recorded an uptick in on-chain activity. Since the end of April, the total count of addresses holding a balance has experienced a surge, reaching a significant milestone of 8.5 million LTC addresses last week.
This surge in active addresses not only demonstrates the growing popularity of Litecoin but also highlights the expanding user base and interest in cryptocurrency.
Moreover, Litecoin number of new addresses being created and the count of active addresses have approached close to all-time highs, slightly surpassing the creation of new Bitcoin addresses.
This achievement underlines Litecoin’s robust network growth and the increasing adoption of the altcoin within the crypto community.
The heightened on-chain volume has caught the attention of the crypto analytics platform Santiment, indicating that prominent market participants may be strategically positioning themselves in LTC investments ahead of the halving event.
Santiment noted:
If this trend of increased on-chain volume continues, it will absolutely be a strong sign that some big players are beginning to jump in on their LTC investments in anticipation of the halving.
Litecoin Remains In The Red
Despite the surge in network activity, Litecoin (LTC) price has not seen any notable movement in the market in the past 24 hours but instead a continuous downtrend. Over the past 24 hours, Litecoin has seen a 2.2% loss from its value.
At the time of writing, Litecoin currently trades at $89.38 after trading slightly above $90 on Tuesday. LTC’s trading volume has plunged a bit from $700 million last Thursday to $578 million in the past 24 hours indicating less trading activity.
It is worth noting, however, that LTC is up 3.4% in the past week with a market cap up by more than $200 million in the same period. Meanwhile, Litecoin’s hash rate, a measure of the computational power dedicated to the network’s mining operations, has demonstrated consistency.
Despite minor fluctuations, the processing power devoted to Litecoin’s blockchain has witnessed a surge of over 24% since the beginning of the year, currently standing at 714 TH/s.
This upward trend not only enhances network security but also signifies the confidence and commitment of miners in supporting Litecoin’s ecosystem.
Featured image from Shutterstock, Chart from TradingView
Source: Read Full Article