​Analysts record an increase in discussions of LTC on social networks

What’s new? According to analytics platform IntoTheBlock, social activity around the cryptocurrency Litecoin (LTC) has surged on the web. In this, discussions about the coin are mostly positive. As the main reason for the increased interest in LTC, analysts highlight the expectation of halving, which should take place already in August this year.

The social activity around #Litecoin on Twitter is rapidly gaining momentum. The reason? News topic trends seem to suggest people are getting excited about the Litecoin halving, which will take place around August 2nd this year https://t.co/IVwakmJId5 pic.twitter.com/HuXz7vMsCl — IntoTheBlock (@intotheblock) April 28, 2023

Litecoin is a fork of the Bitcoin network launched by developer Charlie Lee in October 2011. It is used for small everyday transactions with low fees. At the end of 2021, it was the third most popular among Russians. As of April 28, 14:45 UTC, it ranks 13th in the cryptocurrency ranking with a capitalization of $6,5 billion and is trading at $88,64 on Binance, having gained 0,15% in 24 hours.

About halving. Halving is a mechanism that halves the reward for mining a cryptocurrency. For example, on the bitcoin network, it happens about once every 4 years. The last time it happened was in May 2020, after which the reward for a mined block decreased from 12,5 to 6,25 BTC.

Since Litecoin is a fork of bitcoin, its network also includes this mechanism. The approximate date of the next halving is August 5, 2023 (according to Neovesting). The block mining reward will also decrease from the current 12,5 to 6,25 LTC.

At the same time, many cryptocurrency analysts and traders believe that halving, which reduces the volume of coins coming into circulation, can have a positive impact on bitcoin. For example, analysts at the Matriport platform expect a rise to $65 600 from the current $29 200. And the head of venture capital firm Morgan Creek, Mark Yukco, said that the approaching halving of BTC will trigger the start of a new bull crypto market.

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In 2022, Litecoin became the fourth most popular asset for online purchases on the CoinGate platform. And in a lawsuit against crypto exchange Binance filed in March by the US Commodity Futures Trading Commission (CFTC), Litecoin, along with BTC and ETH, was classified as a commodity.