New on-chain reports show that Litecoin, which will complete its third halving cycle on August 2, is in the limelight. LTC is on the radar of individual investors as well as altcoin whales…
Altcoin investors prepare for August 2
Litecoin’s halving cycle next week has been a major focus for investments. As the date approaches, some compelling statistics from Santiment reveal market enthusiasm.
In the last 24 weeks, 1,185 new addresses have been created, each with at least 100 LTC. This significant increase in the number of addresses holding a significant amount of Litecoin indicates increased interest in the upcoming halvin.
For those unfamiliar with the concept, halving is a fundamental cycle that the Litecoin protocol performs approximately every four years. It means that the block reward received by the miners is reduced by half. It also includes effectively reducing the rate of production of new Litecoin. Many market participants see this event as a bullish catalyst for the price of the cryptocurrency.
Data sheds light on the stubborn determination of Litecoin whales
Recent data reveals the long-term prospects of Litecoin whales. In the 48 hours until the last report, these whales have accumulated an astonishing 600,000 LTC. This significant backlog indicates that major investors are positioning themselves for potential price growth. This further solidifies the anticipation surrounding the halving event.
Whale accumulation in particular did not happen alone, as the number of individual Litecoin investors also saw a gradual increase. According to Santiment’s findings, on July 17, the total number of Litecoin holders stood at 8.84 million. But now that number has increased to 8.85 million. This modest but consistent growth in the number of holders indicates increased interest in Litecoin due to the potentially anticipated halving.
Altcoin investors seek to buy the halving news
Looking back just a few months, the increase in the number of Litecoin holders becomes even more evident. As early as May, the total number of owners was around 7 million. This metric shows a significant influx of new investors entering the Litecoin ecosystem, especially recently.
The Litecoin community has historically been eagerly awaiting the halving event as it has had a positive impact on the price of the cryptocurrency. During previous cycles, Litecoin has experienced significant price spikes that can be attributed in part to the drop in the rate of new coin issuance. The scarcity principle, which often fuels positive market sentiment, comes into play as the supply of new cryptocurrencies slows.
In less than two weeks, Litecoin’s block subsidy will drop from 12.5 LTC to 6.25 LTC per block. This means a strong catalyst for LTC price. The critical prehistoric LTC has again lost the $100 it left behind last week. This level is an important psychological level especially for individual investors. If LTC price surpasses this level before August 2, it will set a suitable ground.
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