Litecoin (LTC) millionaire addresses spiked ahead of the halvig event. Santiment points to a potential rally with whale buildup.
Countdown to Litecoin halving has begun
Litecoin is fast approaching its halving. Only 27 days left until the block reward “halve” from 12.5 LTC to 6.25 LTC. According to OKLink, the third Litecoin halving will take place on or around August 2, 2023. OKLink states that the countdown for this event is 27 days and there are currently 15,679 blocks left until Litecoin’s halving. On July 3, Litecoin shared a countdown for the highly anticipated event, saying, “Only 30 days until the Litecoin Halving.” The countdown from then until now gives a 27-day countdown.
As the halving draws near, on-chain analytics firm Santiment is seeing steady growth in Litecoin’s millionaire addresses. According to a chart published by Santiment, 32 millionaire addresses have emerged holding 10,000 LTC or more in the last five months. This represents an increase of 6%.
Also, Santiment highlights the possibility of another rally if whale accumulation continues to gain ground. Meanwhile, cryptocoin.comAs you follow, Litecoin has been one of the lucky four selected for EDX Markets, a crypto exchange backed by big Wall Street players Charles Schwab, Citadel Securities and Fidelity Digital Assets. After this development, LTC saw an impressive increase in late June.
64% of Litecoin holders are in profit
IntoTheBlock’s Break Even Price indicator looks at realized gains and losses based on on-chain data for addresses currently holding a crypto asset. This indicator provides a sum of holders realized gains and losses for LTC.
At the current LTC price of $100, 5.65 million addresses, or 64.24%, are in profit. A total of 2.74 million LTC addresses, or 31.14%, are in loss. Meanwhile, 405,970 addresses, or 4.62%, are at par. This means that they are neither in loss nor in profit. 51% of total Litecoin addresses are long-term holders who have held their LTC holdings for more than a year. 42 percent have held it for 1 to 12 months, and 7% have held it for less than a month.
LTC gained 26% in one day
Santiment provides further insight, highlighting that Litecoin’s planned halving on August 3 is approaching. The tweet coincided with a remarkable spike in LTC prices, with an increase of over 26% in a 24-hour period.
However, Santiment warns that fear of mainstream hijacking (FOMO) could trigger excessive market enthusiasm, potentially leading to localized price peaks until the excitement subsides.
LTC halving event
Like Bitcoin (BTC), the Litecoin halving occurs approximately every four years. This event halves the block reward miners receive. Thus, it is critical for crypto as it lowers the rate of supply of new LTC entering the market. Specifically, the 2023 Litecoin halving will reduce the block reward from 12.5 LTC to 6.25 LTC. This scarcity-driven mechanism often increases investor interest and triggers significant price movements.
The market intelligence firm’s latest update on millionaire LTC traders, whose numbers have been increasing in recent weeks as the cryptocurrency halving event draws near, illustrates this. Santiment announced a 6.5% increase in Litecoin’s market capitalization in 24 hours in June. He attributed this increase to a significant surge in on-chain transaction volume, which reached its highest level in two years.
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