Litecoin (LTC), like Bitcoin (BTC), makes a so-called halving. This means that the reward for miners is halved as well as the issuance of new LTC. The expectation is that the price can rise considerably as a result. This event is scheduled for August and in the meantime the number of LTC investors is already rising sharply.
Litecoin breaks milestones
In the past seven days, the number of daily active litecoin addresses has increased by 28%. Even more impressive is the number of new LTC addresses, which has increased by 54.6%. The huge increase in the number of new addresses comes just a few days after reaching a milestone of 200 million addresses, more than Ethereum (ETH). With a market capitalization of $5.64 billion, litecoin has caught up with the crypto Polygon (MATIC). That makes litecoin currently the 11th largest altcoin on the market.
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Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH— IntoTheBlock (@intotheblock) June 19, 2023
LTC from Shan Belew that litecoin a may bitcoin in May has surpassed in the number of new addresses per day. There are several factors that play into LTC’s growth, but the upcoming halving event is singled out as the main factor.
Every four years, the number of Litecoins a miner is rewarded for mines of a block halved. On August 3, the Litecoin block reward will be halved from 12.5 to 6.25 LTC. Halving events are often accompanied by large increases in the price. However, this can also happen in the run-up to the halving, as in 2019.
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Litecoin price fell sharply in June
Litecoin took a big hit earlier this month, just like the rest of the market. At the beginning of the month, the price was still at $97. Less than two weeks later, the coin was trading for $72 each. Currently, the price is hovering around $77. Should litecoin want to rise again, it must first break through the resistance areas around USD 80, USD 90, and USD 105.