Litecoin whales buy $59M of LTC ahead of halving event

Litecoin whales buy $59M of LTC ahead of halving event

The Growing Confidence in Litecoin: Whales Accumulating LTC

In the latest development within the blockchain industry, it has come to light that Litecoin whales are accumulating significant amounts of LTC. This trend is particularly positive for the Litecoin network, especially as its halving event approaches.

According to data from on-chain analytics firm Santiment, Litecoin whales holding 100,000-1,000,000 LTC have acquired over 590,000 LTC, worth $59 million, in the last two days. This information was confirmed by a crypto analyst with the Twitter handle @ali_charts.

This accumulation of LTC by whales indicates a growing confidence in the asset and the Litecoin network as a whole. However, it is important to note that despite this significant buying spree, the market price of LTC has shown minimal reaction.

Litecoin’s Price Reaction to Whale Movement

Despite the positive undertone brought about by the recent whale transactions, LTC’s market price has not displayed a significant response. According to CoinMarketCap, LTC is up by only 1.44% in the last day. However, on the weekly chart, the token is down by 4.37% and is currently listed as one of the top weekly losers.

LTC’s price movement has been bearish since the beginning of July. After ending last month on a high note with a gain of over 26%, LTC’s value started declining, falling by over 17% between July 3 and now.

At the time of writing, LTC is exchanging hands at $92.98, with a 0.27% gain in the last hour. The token’s trading volume has decreased by 17.08% and is now valued at $482 million. With a market cap of $6.82 billion, LTC currently ranks as the 12th biggest cryptocurrency in the market.

LTCUSD Chart

More Positives for Litecoin: Halving Event Anticipation

Apart from the recent whale activity, the Litecoin network has experienced other positive developments that indicate a growing level of adoption. On July 15, the network achieved a historic milestone, processing over 170 million transactions since its inception, with over 10 million transactions added in the last 7 weeks.

Furthermore, on July 18, it was announced that LTC ranked as the leading cryptocurrency for payments on the BitPay platform. According to data shared by BitPay, LTC accounted for 34.9% of all crypto payments made on its platform in June.

This growth in engagement can be attributed to the upcoming halving event scheduled for August 2, 2023. Litecoin’s halving event is a programmed blockchain event in which mining rewards are reduced by half. This serves as a deflationary tool that helps maintain the scarcity of LTC in circulation, thereby increasing demand and potentially driving up the token’s price.

The halving event occurs every four years, with the previous two taking place in 2015 and 2019. Currently, LTC mining rewards stand at 12.5 LTC and will reduce to 6.25 LTC post-halving.

In summary, the recent accumulation of LTC by whales showcases a growing confidence in the Litecoin network. Despite the minimal price reaction, there are several positive indicators for Litecoin, including its upcoming halving event and its position as the leading cryptocurrency for payments on the BitPay platform. These factors contribute to the overall growth and potential of Litecoin within the blockchain industry.

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