Record High Open Interest for Litecoin ($LTC) Futures Before Halving

Record High Open Interest for Litecoin ($LTC) Futures Before Halving

Litecoin futures see impressive 22% growth with open interest exceeding $420 million, potentially fueled by factors such as the upcoming halving event and surge of tokens being minted on the network.

Litecoin ($LTC) futures derivative contracts have seen an open interest exceeding $420 Million, marking an impressive 22 percent growth since the beginning of the year. Growing appetite for Litecoin could be influenced by plenty of factors.

Reports by data from Coin Glass, 1st informed by The Block, open interest in Litecoin futures has grown to the highest level seen since the beginning of a year ago. Open interest refers to the number of outstanding derivatives contracts

A multitude of factors can potentially have fueled this burgeoning open interest in Litecoin futures, including the past few surge of crypto tokens being minted on the network after BTC’s network started suffering from a flurry of activity over BRC-20 crypto tokens being minted. A notable driving force is the impending halving event scheduled for August 5, where Litecoin’s new coin issuance price will be slashed by 50%.

The Litecoin block reward for miners will be slashed by 50 percent from 12.5 LTC to 6.25 LTC after the halving. Historical LTC price data  implies that the price of Litecoin could surge months after its halving event to the point it hits a new record-breaking peak next year. The digital currency could, on the other hand, endure a correction right after the halving.

Reports by data analyzed by trending digital currency analyst Rekt Financial resources, Litecoin “trends to rally quite strongly before its halving,” with the digital currency growing 820 percent after bottoming out 122 days ahead of its first-ever halving, and growing 550 percent after bottoming 243 ahead of its Second halving.

Historically, the digital currency rallied more after its halving event. After its 1st halving, LTC surged 12,400%, while after its Second halving it rose 1,573%.

  In the previous 30 days, Litecoin, a digital currency that’s often referred to as the silver to BTC’s gold, has been on a steady ascent, exhibiting nearly 7 percent growth and nudging its  price from $86 to $92.

As CryptoGlobe informed its founder Charlie Lee has revealed h believes LTC has potential to see whole lot of profits against the flagship digital currency ahead of its highly-anticipated August halving event.

The digital currency has already surged 85 percent since reaching a record low against Bitcoin (BTC) in June 2022, and Lee thinks that LTC/ Bitcoin could rally to 0.025 BTC, translating to an increase of over 700 percent during the following bull cycle.

It’s critical to point out that the effect of halving events on the price of a digital currency is not certain, and thoughts on the matter vary between analysts. The past performance of a digital currency does not guarantee future performance.

Featured image via Pexels


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