LTC Expected to Drive Market Rally with Upcoming Halving Event
- Litecoin halving is fast approaching and sentiments are brewing positively.
- Massive price upshoot are projected for the LTC coin after the event.
The much-anticipated halving event is contributing positive momentum to the value of Litecoin (LTC).
The altcoin is eyeing new levels and investors are diving into a buying spree ready to grab all the profits they can while LTC is currently on a bull run. It is worth noting that this positive sentiment has been on for a couple of weeks now. Two weeks ago, Litecoin experienced a 30% surge in price and at that time, it rose to the position of the 10th-largest cryptocurrency in the market.
From its June low of $71, LTC reached $115 before it met with resistance and reversed course.
This swift growth led to an increase in the token’s market capitalization, surpassing that of other digital assets like Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH). With stablecoins out of the way, LTC was in the 7th position in terms of its value in the broader crypto market. At the time of this writing, Litecoin was trading at $92.41, having dropped by 0.28% in the past 24 hours.
LTC Halving Expected With Much Enthusiasm
The halving event is branded as one of the most significant events in 2023 for the cryptocurrency ecosystem but much more for Proof-of-Work (PoW) users, investors and traders. It is crucial to the price, technology and general roadmap of the token. It is only about one week away as it is scheduled to be held on Wednesday, August 2nd.
Following the halving event, the LTC mining reward will undergo a slash of about 50%, a reduction that is cut this way every four years.
Currently, LTC miners receive 12.5 Litecoins (LTC) per block as a reward but after the halving, it would be slashed to 6.25 LTC. Based on the price of LTC a week ago, LTC mining rig owners may likely earn $607.8 every 2.5 minutes following the halving event. Generally, this kind of halving event helps deflate the supply of a token, that is, it conserves the scarcity of the digital currency. In addition, it impacts the price of the token positively seeing that the deflation may be accompanied by an increased demand.
Apart from the gradual price growth, other metrics have equally been progressing positively in the Litecoin network.
So far, the number of wallet addresses holding less than 10 Litecoin has printed a new high and is still keeping up with the surge. Only a week ago, LTC achieved a milestone of 170 million transactions. This shows that there is a significant level of adoption of LTC amongst retail investors. Markedly, whales are also on the LTC buying trend.
It is safe to say traders and investors are presently exhibiting increased interest in adopting LTC and this has triggered an upward movement in the price. Litecoin is now showing signs of hitting a new all-time high. It is not certain how high this positive momentum will take the price of the digital currencyLTC, however, investors are excitedly anticipating a massive turn of events.
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