Santiment analysts record a surge in LTC transactions

Experts have linked this to the upcoming halving on the altcoin’s network

02.06.2023 - 15:30

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3 min

What’s new? On June 1, the cost of Litecoin (LTC) rose by 6,5% overnight and crossed the $95,98 mark. Analysts at Santiment attributed this to the upcoming halving on the cryptocurrency’s network, which is just over two months away. In addition, LTC transaction volume has reached its highest level since May 13, 2021, and current activity by large investors is at its highest level since January 26 this year.

⚡ #Litecoin's market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January. https://t.co/AcOYEV18tP pic.twitter.com/5x3oHWrl2I — Santiment (@santimentfeed) June 1, 2023

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain. On the Litecoin network, it is expected on ~5 August 2023 (according to Neovesting). The reward will decrease from the current 12,5 to 6,25 LTC.

What is known about Litecoin? It is an altcoin 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 June 2, 15:00 UTC, it ranks 13th in the cryptocurrency ranking with a capitalization of $6,8 billion and is trading at $93,83 on Binance, having lost 0,53% in 24 hours.

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Ссылкой-врезкой

In early May, Lee stated that the LTC rate paired with bitcoin could rise by 700%, to 0,025 BTC, in the next bull cycle. In his opinion, this will be facilitated by higher network throughput and scalability, as well as privacy.

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