Litecoin, the 12th largest cryptocurrency by market value, is preparing for its third halving in August, which will reduce the mining reward from 12.5 LTC to 6.25 LTC per block. The price of Litecoin has recovered from a recent slump and reached $92.58.
Several indicators show that Litecoin’s network is growing stronger. According to IntoTheBlock, the number of addresses with a balance has increased significantly since April, reaching 8.5 million last week.
The new and active addresses on the Litecoin network have also been close to their record highs set in February. In fact, Litecoin briefly surpassed Bitcoin in terms of new addresses created.
Santiment, a crypto-analytic platform, stated that the increase in on-chain volume could signal that some big investors are buying LTC ahead of the halving.
“The LTC20 halving coming up on August 10th will be a significant event for the Litecoin network. Most experts expect the event to have a positive impact on the price of Litecoin, and we would be included in this belief.”
Litecoin’s hash rate and mining difficulty have also been stable, indicating that the network is secure and efficient. The hash rate is currently at 712 TH/s, while the difficulty is at 25.12 million hashes.
Litecoin’s futures contracts have also seen a surge in open interest, which measures the number of outstanding derivatives contracts. Coinglass reported that the global open interest for Litecoin futures has grown by more than $420 million this year, reaching its highest level since early 2020. You should do your own research and analysis before making any investment decisions.
