Amidst the dynamic world of cryptocurrencies, on-chain data is signaling a notable surge in investor optimism as they turn bullish on Litecoin (LTC) price.
On August 2, 2023, Litecoin enthusiasts are eagerly anticipating a momentous event – the third halving in Litecoin’s history. The impending halving, which occurs approximately every four years, will reduce block rewards from 12.5 LTC to 6.25 LTC, igniting bullish sentiments among traders and investors.
The last halving, which took place in 2019, witnessed a surge in Litecoin’s price, rallying from $29 to an impressive $136, marking a remarkable 403% increase in value between January and mid-June that year. However, the post-halving euphoria was met with a market downturn, impacting not only Litecoin but also other cryptocurrencies like Bitcoin.
Despite a recent spike that saw Litecoin prices soaring above $116, with a remarkable 28% surge on June 30, prices have now stabilized below the psychological $100 level. Nevertheless, market experts and crypto analysts foresee the potential for a post-halving rally in Litecoin’s value.
Regardless of the excitement, some traders are taking cautious steps, with key holders accumulating significant amounts of LTC ranging from $9.5k to $950k. While this suggests a bullish outlook, there is also the possibility that these traders might decide to dump their holdings on the market right after the halving, affecting Litecoin’s price trajectory.
⚡️ With #Litecoin's highly anticipated #halving event within arm's reach on Wednesday, key traders holding between $9.5k and $950k worth of $LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a #bullish event by traders. https://t.co/wkpoOrceCS pic.twitter.com/1UrxCdcoGS
— Santiment (@santimentfeed) July 30, 2023
As of the current moment, Litecoin is trading at $94.12, boasting a circulating supply of 73.477 million coins, which also represents its total supply. The maximum supply of Litecoin is capped at 84.000 million coins, ensuring scarcity and adding to its appeal. With a total market capitalization of $6.917 billion, Litecoin continues to hold a prominent position in the crypto market. Over the last 24 hours, its price has experienced a range of 4.02%, with a low of $92.07 and a high of $95.93.
The liquidity is relatively robust, standing at approximately $126.80 million, with buy orders at $62.458 million and sell orders at $129.44 million, indicating a healthy level of market interest and trading activity. As one of the pioneering cryptocurrencies, Litecoin’s stability and widespread adoption continue to attract both investors and enthusiasts alike.
As the countdown to the halving begins, the crypto community will be holding its breath to see how this highly anticipated event unfolds in the next few days. Excitement and caution are both in the air as traders brace themselves for what could be a defining moment in Litecoin’s journey.
