The value of Litecoin’s native LTC token experienced a remarkable ascent, soaring from its June lows of $71 to reach a peak of $115.
Litecoin’s halving will result in a 50% reduction in the emission of the cryptocurrency.
Litecoin has undergone one of the most remarkable surges among all cryptocurrencies in recent weeks, which has significantly elevated its position within the industry. Having experienced a surge of over 30% within a span of three weeks, this digital asset has now ascended to become the 10th-largest cryptocurrency in the market.
Litecoin’s Impressive Rally and Market Cap Surge
Within a month, the value of Litecoin’s native LTC token experienced a remarkable ascent, soaring from its June lows of $71 to reach a peak of $115 before the rally eventually lost steam. As a result, the digital asset’s market capitalization swiftly surged, surpassing that of several prominent contenders in the cryptocurrency realm.
The altcoin boasts a market cap exceeding $7.1 billion, despite the price retracing below the $100 threshold. This surge in market cap has propelled Litecoin to secure the 10th spot among cryptocurrencies, outshining the likes of Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH).
Removing stablecoins from the top 10, Litecoin now claims the seventh position in terms of overall value within the market. Despite price corrections, this significant accomplishment has solidified Litecoin’s stature as a significant player.
At the time of writing, Litecoin (LTC) experienced a notable surge of 3.96% in the last 24 hours, propelling its value beyond the $100 threshold. Additionally, the asset garnered substantial gains of over 28% throughout the previous month, further solidifying its positive performance.
Litecoin’s Halving: A Pivotal Moment for Price and Technology
Litecoin (LTC) has generated significant attention as its highly anticipated halving event approaches in less than three weeks. Regarded as one of the most significant events of 2023 for PoW cryptocurrency enthusiasts, traders, and investors, the Litecoin (LTC) halving marks a crucial juncture for the coin’s price, technology, and roadmap.
Set to take place on August 2, 2023, Litecoin’s halving will result in a 50% reduction in the emission of the cryptocurrency. Currently, Litecoin (LTC) miners receive 12.5 Litecoins (LTC) per block as a reward, a figure that will be halved to 6.25 LTC after the halving. Following this event, Litecoin (LTC) mining rig owners can expect to earn $607.8 every 2.5 minutes based on current prices.
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Historically, halving events have typically sparked a bullish cycle not only for the primary cryptocurrency but also for major altcoins. The anticipation of Litecoin’s (LTC) halving has already led to a double-digit surge in the prices of Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin Cash ABC (XEC), and other cryptocurrencies similar to Bitcoin.
Whales Joining the Litecoin Bandwagon
As is often observed in financial markets, positive sentiment fosters a desire to accumulate assets, leading investors to rush to acquire them.
The increasing adoption of this asset among retail investors served as evidence supporting this narrative. Over the past month, there has been a consistent rise in the number of wallets holding less than 10 LTC, according to Santiment. However, the growth of LTC was not solely driven by retail investors.
Source: Santiment
Large-scale investors, commonly referred to as whales, also joined the trend. Having secured substantial profits in the initial week of July, these influential players began adding LTC to their portfolios. The data below indicates that the user group possessing 1,000-100,000 coins exhibited early signs of accumulation, which may further intensify as the halving event approaches.
Source: Santiment
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