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Litecoin pumps ahead of halving event; Can LTC reach $100?

Litecoin pumps ahead of halving event; Can LTC reach $100?

With only three months left until its halving in August, when the reward for mining new coins will split in half, Litecoin (LTC) is recording gains of over 20% in the last 10 days, making it another cryptocurrency next to Bitcoin (BTC) to witness price surges as its halving events approach.

Indeed, Litecoin has neared the important $100 price level after soaring to $93.25 in the early morning of May 17, which represents a 21% increase from $77.06, where its price stood at nine days before, according to recent data retrieved by Finbold on May 17.

Litecoin 7-day price chart. Source: Finbold

In the meantime, LTC is currently changing hands at $92.31, which represents an increase of 3.64% on the day and 16.29% across the previous week, as the crypto asset reverses losses of 6.75% accumulated over the past month.

Increased activity

At the same time, Litecoin is seeing increased activity on its network, as the number of its active addresses is recording a sudden massive increase, triggered by LTC-20 crypto assets “shaking up the network activity and supply distribution of wallets,” as observed by the blockchain analytics platform Santiment on May 12.

Litecoin supply distribution of small LTC wallets Source: Santiment

On top of that, the number of Litecoin transactions per day is soaring as well, according to the chart from the leading onchain and financial metrics analytics platform Glassnode shared in a tweet published by Litecoin Foundation on May 10. 

Litecoin transaction number. Source: Litecoin Foundation

As a reminder, block halving takes place every four years on the Litecoin blockchain, and the next one should take place on August 2, 2023, at block 2,520,000, although the exact date might change in accordance with the network’s hash rate fluctuations.

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