Litecoin (LTC) halving: A price explosion not to be missed?

With the Litecoin halving approaching, investor enthusiasm is reflected in the network’s on-chain activity. Data provided by analysis company Santiment reveals aggressive accumulations by average investors, hinting at a bullish scenario for the token.

Accumulation continues as the halving approaches

Like Bitcoin, Litecoin (LTC) undergoes a major event every four years: Halving. This process halves the number of LTCs generated with each mined block, reducing the supply available on the market.

The Litecoin halving is scheduled for August 2 at 17:00 GMT, at block 2,520,000, resulting in a reduced mining reward from 12.5 LTC to 6.25 LTC.

As this week’s highly anticipated event approaches, investors holding Litecoins (LTC) worth $9.5k to $950k continue their aggressive accumulation. This is the data provided by Santiment in a Tweet published on July 30. Moreover, another report from this company revealed the creation of 1185 new addresses with at least 100 LTCs, over the past 24 weeks.

This recent increase in on-chain activity for Litecoin (LTC), combined with the excitement surrounding the upcoming halving, suggests a promising outlook for the token.

Positive impact on the value of the Litecoin (LTC) token?

As previously mentioned, the halving will lead to a reduction in the supply available on the Litecoin (LTC) market. Consequently, this reduction could have positive effects on the LTC price, according to the law of supply and demand.

#Litecoin

Last ramp up (c) was associated with #Bitcoin bull run.

We believe we will see a halving-associated preliminary ramp-up before the actual bull run in 2024. pic.twitter.com/f3gQpX3xWI

— Stockmoney Lizards (@StockmoneyL) July 29, 2023

According to Stockmoney Lizard, a preliminary rise could occur after Wednesday’s event. This, before the real bull-run expected in 2024, following the Bitcoin halving. BTC’s bull-run, observed after its halving, was a major catalyst for an explosive rise in Litecoin (LTC) and other cryptocurrencies.

In any case, investors should expect significant movements on Litecoin (LTC) this Wednesday. The psychological support level at $90 is one of the important levels to watch.