Litecoin (LTC), likewise known as the lite version of the largest digitalย currency Bitcoinย (BTC) (BTC), has been suffering the bear market conditions as itโs down by nearly 78 percent from its record-breakingย peak (ATH) of $412.9 in May 2021.
Nonetheless, as the LTC20 halving gets closer, specialists believe itย canย potentially significantly makeย better the network, and the assetโs price could boost. The event, which is set to happen on August 10, will decrease the blockchainโs mining bonus from 12.5 LTC or 6.25 LTC, reportsย by the market intelligence platform Santiment.
Furthermore, a price explosion is expected, per Santiment, for two main reasons โ miners will try to mine more cryptoย tokens before the event, and the existing LTC will be worth more as a slower production of each coin is expected.
Reportsย by Santimentโs insights, the crowd realizedย the LTC20 halving to be less than 3 months away on May 14. With the investorsโ excitement, litecoinโs price rose from $80 to around $86 in 24 hours.
The 24-hour volumeย ofย trading likewise exploded from the $300 Million mark to over $700 Million that day.
Furthermore, the number of unique Litecoin addresses exploded within the 1st week of May, reaching a one-year-high, reportsย by Santiment. The insights expect a price โcool downโ as some investors mayย be taking short-term profits.
Litecoin is up by 1 percent in the past 24 hours, with a 5 percent boost inย theย previous week. The investment is currentlyย worth $92.11 at the time of writing. Nonetheless, LTCโs 24-hour volumeย ofย trading hasย decreased by 17.2%, sliding to the $380 Million mark.ย
