Litecoin has increased network activity before halving

Litecoin has increased network activity before halving

It is planned that Litecoin will halve his third mining reward in early August. After that, the reward paid by Miner is reduced by 50 % to 6.25 LTC per block from 12.5 LTC. In advance, the twelfth largest crypto asset has succeeded in making some great profits lately and pressing its price to $ 92.58.

Several on-chain indicators have also developed positively.

Network activity of Litecoin

Data from Intothlock indicate that Litecoin had a strong month. Since the end of April, the total number of addresses with balance has "risen sharply". There are currently 8.5 million LTC addresses with a balance from last week.

litecoin had a strong month. The total number of addresses with a balance has risen more since the end of April and we are now observing almost 8.5 million LTC addresses with a balance! href = "https://twitter.com/hashtag/litecoin?src=hash&ref_src=twsrc%5etfw" Data-Wpel-Link = "External">#litecoin https://t.co/beybnylzm8 pic.twitter.com/semsdijeup

-Intotheblock (@intotheblock) 30. May 2023

Both the number of new and active addresses is close to the new all -time highs from February of this year. In fact, the number of addresses created in the Litecoin network briefly exceeded the number of new Bitcoin addresses.

Santiment, a platform for crypto analyzes, recently stated that it will be a strong sign that some large players in expectation of halving begin to get into their LTC investments if the trend towards an increased on-chain volume continues.

"Halfting of the LTC20 on August 10 will be an important event for the Litecoin network. Most experts assume that the event will have a positive effect on the price of Litecoin, and we would agree to this conviction."

The Hash rate from Litecoin was also constant. After a few smaller burglaries, the computing power dedicated to the Blockchain increased by more than 24 % of 573 Th/s at the beginning of the year to the current value of 712 Th/S. The mining difficulty, which was 25.12 million hashes, is close to the hash rate.

increased Oi for litecoin futures

The upcoming halving event has also affected Litecoin's Futures derivatracts, which rises by more than $ 420 million worldwide-which, according to Coinglass, has led to growth of over 20 % since the beginning of the year.

Therefore, the open interest in Litecoin futures has increased to the highest level since the beginning of last year. Open interest refers to the number of outstanding derivative contacts

.