In anticipation of Litecoin’s long-awaited halving event, crypto market watchers are witnessing a surge in accumulation among key traders holding substantial amounts of LTC. As reported by Santiment, a leading crypto analytics platform, traders with holdings ranging from $9.5k to $950k worth of Litecoin are engaging in aggressive accumulation.
With the Litecoin halving event just around the corner, set to take place on Wednesday, market sentiment is overwhelmingly bullish. Like other coin halvings, this reduction in LTC block rewards is being perceived as a potential catalyst for an upward price surge, prompting traders to increase their LTC positions.
Nevertheless, the excitement around Litecoin’s halving is undeniable, and the accumulation behavior observed by key traders indicates a prevailing optimism in the market. Crypto enthusiasts and investors are now eagerly counting down the hours until this highly anticipated event takes place, with hopes of witnessing a significant impact on Litecoin’s price and market performance.
On August 2, 2023, Litecoin will experience its third halving, reducing block rewards from 12.5 LTC to 6.25 LTC. The previous halving in 2019 caused LTC’s price to surge from $29 to $136, a 403% increase from January to mid-June, but it later dropped due to the overall cryptocurrency bear market, which also affected Bitcoin’s price.
Recently, LTC’s price rallied to over $116, with a 28% surge on June 30, though it’s currently below $100. Therefore, analysts and experts anticipate a potential post-halving rally for the coin.
Litecoin latest price
Its latest price analysis indicates a current value of $93.15, with a 24-hour trading volume of $734 million, representing a significant 200% surge in trading volume. Over the past 24 hours, LTC has seen a 1.89% increase but a 0.79% decline. It currently holds the #11 rank on CoinMarketCap, boasting a market cap of $6 billion.
Different analysts have varying predictions for Litecoin’s future. According to Coincodex, the coin’s price is expected to decrease by -1.94% and reach $92.84 by August 3, 2023.
Technical indicators suggest a bearish sentiment, while the Fear & Greed Index is 52, indicating a neutral stance. Over the last 30 days, Litecoin has experienced 13/30 (43%) green days and exhibited price volatility of 5.96%. Taking a long-term perspective, Cryptonewsz forecasts a potential maximum trading value of $189.286 for Litecoin, with a minimum price of around $77.915 in the year 2023.
Related Reading | Seize Boundless Opportunities: Unlock Earning Potential with OFX Exchange’s Exclusive VIP Quantifying Plans