The Litecoin (LTC) market has experienced a surge in buying activity, indicating increased demand. Currently trading at $92.82 and boasting a market capitalization of $6.71 billion, notable shifts are occurring in the cryptocurrency landscape.
In a recent tweet by an individual named Ali, he noted that Litecoin whales have acquired a staggering 590,000 LTC in the last 48 hours, estimated to be worth approximately $59 million, indicating a substantial surge in buying activity. As of now, Litecoin (LTC) is traded at around $92.82 with a $6.71 billion market capitalization.
#Litecoin whales have bought over 590,000 $LTC in the last 48 hours, worth around $59 million! pic.twitter.com/RtHpuzSkFt
— Ali (@ali_charts) July 18, 2023
According to data from Intotheblock, it is observed that 4.48 million addresses, which represent around 50.41% of total Litecoin holding addresses, are in profit. On the other hand, 3.17 million addresses are facing losses, which is around 35.66%. Additionally, 1.24 million addresses are at breakeven.
It is also observed that Ethereum sits on top of stable support between $87 and $90, where 593.2k addresses bought 8.17 million LTC. However, the resistance between $95.85 and $98.47 is more significant. Here, 296.67k addresses had previously purchased 2.5 million LTC.
Litecoin recently achieved a significant milestone by processing its 170 millionth transaction, indicating its growing adoption and usage. Over the past seven weeks, Litecoin has added more than 10 million transactions, implying a weekly average of over a million transactions. This milestone is noteworthy because Litecoin has never experienced any downtime in its 11-year history, positioning itself as a reliable blockchain network.
One of the highly anticipated events in 2023 for supporters of proof-of-work cryptocurrencies is the upcoming Litecoin (LTC) halving. This will be the third halving for Litecoin, with previous ones occurring in 2015 and 2019. With approximately 15 days left until the event, expectations, and interest surrounding it are increasing. Search trends for Litecoin have reached a yearly peak, attributed to media discussions about the approaching halving.
OKLink’s analytics platform provides a countdown to the event, currently indicating 17 days and 3 hours remaining, with the halving expected to take place on August 2. There are currently 9,875 blocks left until the halving event occurs. This event will reduce Litecoin mining rewards from 6.25 LTC to 3.125 LTC and is generally viewed as a positive development for the network.
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