Litecoin whales collect huge amounts of LTC while the halving is closer

Litecoin whales collect huge amounts of LTC while the halving is closer

litecoin whales apparently collect large amounts of LTC, which could have positive effects on the network, especially with a view to the upcoming halving. A cryptoanalyst called @ali_charts confirmed this trend and presented data from the on-chain analysis company Santiment.

In the last two days, Litecoin whales with 100,000 to 1,000,000 LTC have acquired over 590,000 LTC worth $ 59 million. Interestingly, the LTC Prize has hardly reacted to these massive purchases.

Coinmarketcap data show that LTC has only increased by 1.44 % in the past 24 hours. The token fell by 4.37 % on the weekly chart and is one of the greatest losers. The price movement of LTC has been declining since the beginning of July. At the end of June, the price rose by over $ 26 % to over $ 100, followed by a few small growths before fell by more than 17 %.

Currently LTC is traded at $ 92.98, with an increase of 0.27 % in the last hour. The token's trading volume has dropped by 17.08 % and is now $ 482 million. With a market capitalization of $ 6.82 billion, LTC is twelfth place in cryptocurrencies.

In addition to whale activity, there are other positive aspects for Litecoin. On July 15, the network reached a historic milestone with over 170 million processed transactions since its foundation, and another 10 million transactions have been added in the past seven weeks. In addition, LTC was appointed leading cryptocurrency for payments on the BitPay platform.

The commitment to Litecoin is also likely to be due to the upcoming halving, which will take place on August 2, 2023. In the halving, the mining reward is halved to increase the scarcity of LTC and increase demand, which may affect the price of the token. This event takes place every four years, and this will be the third halving. The mining reward is currently 12.5 LTC and will fall to 6.25 LTC after halving.