Popular, which is on the rise due to the halving, which is expected to take place in August altcoin Litecoinhas gained nearly 90% since November.
Popular cryptocurrency analysis platform assessing the rise in Litecoin, which hits an eight-month high centiment He evaluated the main reasons for the rise in LTC.
Explaining the first reason, Santiment stated that whales holding 100 to 10,000 LTC increased by 4.92% in the last 6 months to 1.15 million more. Litecoin He stated that the purchase had a positive effect on the price.
“Litecoin has increased its price by +89% since it dropped below $50 on Nov.
Reasons for the increase in the 11-year-old coin include addresses holding 100-10,000 LTC adding 1.15 million more coins in the last 6 months, up 4.92%.”
🦈 #Litecoin has now rally its price up +89% since its drop below $50 on November 9th. Culprits for the surge of the 11+ year-old coin include addresses holding 100-10,000 $LTC, who have added 1.15M more coins in the past 6 months, a 4.92% increase. https://t.co/JHO30q1c0x pic.twitter.com/HP1mfqpoBR
— Santiment (@santimentfeed) January 31, 2023
It was stated that the second reason is the halving event in Litecoin, which is expected to take place in less than 200 days and is a turning point for LTC.
In this context, analysts say that the halving event, which is planned to take place in August 2023, in LTC. LTC expects it to raise its price even more.
*Not investment advice.
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