Litecoin New Addresses Jump 55% In 7 Days Ahead of Halving Event
June 21 (Cointime) - The upcoming halving event for Litecoin has caused a surge in bullish sentiment, as evidenced by the significant increase in new daily addresses on the blockchain over the past week. According to on-chain data aggregator IntoTheBlock, the number of new addresses on the Litecoin network has risen by 55% in just seven days, with the total number of addresses now surpassing that of Ethereum. The halving event, which will see the block reward for miners cut in half, could trigger a rally for the cryptocurrency, with investors hoping for a price increase to over $100.
Litecoin's Daily Active Users Jump by 8.86% Despite Slumped Price
June 19 (Cointime) - Litecoin's price has decreased by 0.11% over the past 24 hours, currently sitting at $77.26. However, the cryptocurrency has seen a significant increase in its daily active users, with a jump of 8.86% to 433,170 addresses. This growth in usage is crucial for the protocol's future price surge. Additionally, Litecoin has surpassed two major milestones, reaching 200 million total addresses and surpassing five million Ordinal Inscriptions. These growth metrics, combined with its 100% uptime and halving sentiment, make Litecoin one of the most used protocols after Bitcoin, Ethereum, and XRP.
Litecoin (LTC) Price Could Rally 30% if It Bounces at This Level
June 19 (Cointime) - The current support level for Litecoin (LTC) is crucial in determining its future trend. A breakdown from this level would invalidate a year-long bullish structure, while a sharp bounce could lead to another attempt at breaking out above $100. The analysis of LTC's weekly time frame leans bearish, with the RSI indicating a bearish trend.
Litecoin (LTC) Price Nears Rebound: Miners' Bullish Sentiment?
Litecoin (LTC) has seen a 3% recovery in price after a 10% drop on Monday due to market turbulence. On-chain data shows that Litecoin Miners' confidence has been crucial to the early price rebound. The increase in Litecoin Miners' reserves since the start of June indicates a positive change in sentiment among them, despite the recent industry-wide contraction.
Crypto Trivia on Meme Coins and Forks Reveals Surprising Responses from Community
Binance.US conducted a crypto trivia on Twitter to test the knowledge of the crypto community about meme coins and crypto forks. The trivia asked which meme coin was a fork of Litecoin, with options including Shiba Inu, Dogecoin, Floki, and Others. Surprisingly, a higher percentage of respondents chose Shiba Inu, while Dogecoin, which is actually a fork of Litecoin, received the lowest percentage of responses. The results highlight the need for more education about cryptocurrencies.
BIT Mining Shifts Focus from Ethereum to Dogecoin and Litecoin, Raises Concerns Among Analysts
BIT Mining, a once-leading Ethereum miner, has shifted its focus to Dogecoin and Litecoin after Ethereum's transition from proof of work to proof of stake. The company's revenue primarily comes from mining cryptocurrencies independently, mining as part of a pool, and hosting services within its data centers. Analyst Mike Fay has expressed concerns over BIT Mining's decision to sell one-third of its Ethereum holdings and significantly increase its Dogecoin treasury, questioning why the firm would hold onto "meme coins" instead of leveraging Ethereum's staking potential.
Reasons Behind Litecoin’s Price Increase: Approaching Halving, On-Chain Transactions, and Whale Activity
On-chain data agency Santiment has identified three reasons for the recent increase in Litecoin's price, including the approaching halving event in August. Since May 25, Litecoin has risen by almost 14% and currently trades at $94.57. The first reason for the growth is the upcoming halving event, which will cut miners' rewards per block in half. Additionally, there has been a two-year high in the volume of on-chain transactions and the highest whale activity since January. BitPay has also announced that Litecoin has become the second most popular cryptocurrency transacted through its platform and is offering a giveaway of $250 worth of LTC to celebrate.
Litecoin Rises 7% in 24 Hours, Bullish on Halving and Increased Network Activity
Litecoin (LTC) has seen a 7% increase in value over the past 24 hours, with investors anticipating the network's halving in two months and a surge in activity in May.
Litecoin (LTC) Achieves Massive Milestone as Anticipation Builds for Halving Event and Potential Price Surge
Litecoin (LTC) is experiencing significant growth in its network as the upcoming halving event approaches, with expectations that it will push the price of Litecoin to new highs.
Litecoin Gains Momentum Ahead of Third Mining Reward Halving in August
Litecoin's third mining reward halving is set to occur in early August, resulting in a 50% reduction in the per-block reward paid to miners. Despite this, Litecoin has experienced significant gains, with its price reaching $92.58 and on-chain metrics showing positive trends.
Binance Adds Cardano and Litecoin Trading Pairs Against TUSD, Offers Zero Maker Fees
Binance, the biggest cryptocurrency exchange globally, has included trading pairs for Cardano (ADA) and Litecoin (LTC) against TUSD stablecoin. The exchange will offer zero maker fees for the ADA/TUSD and LTC/TUSD spot and margin trading pairs to attract traders and increase liquidity. Positive developments such as whale accumulation and advancements in core developments, wallets, and ledger for Cardano, and the upcoming halving event for Litecoin are expected to boost ADA and LTC prices. Binance has also added support for Cardano and Litecoin on its debit card, allowing users to spend their ADA and LTC at over 60 million merchants worldwide.
Crypto Strategist Predicts Halving Rally for Litecoin (LTC) and Potential Surge for Polygon (MATIC)
According to crypto strategist Michaël van de Poppe, Litecoin may experience a strong uptrend leading up to its third halving, but it must first surpass its immediate resistance at $93.
Litecoin Achieves Impressive Milestones as Halving Event Inches Closer
Litecoin's futures derivatives contracts have seen a surge in open interest, surpassing $420 million globally. This is the highest demand for LTC futures recorded since January 2022 and can be attributed to the upcoming Litecoin halving, which many believe will trigger a bullish rally for the asset in the long term. Market participants are expecting Litecoin to cross the $100 price mark after the halving commences, as new addresses being created on the Litecoin network are surpassing new Bitcoin addresses.
Litecoin’s Upcoming Halving Event Could Increase Demand for Cryptocurrency
Litecoin is anticipated to attract more attention and demand as a result of the halving event scheduled for August 2023, which will ensure the scarcity of its circulating supply and make it immune to inflation.
Crypto Analyst Updates Outlook on Bitcoin and Litecoin as Market Shows Little Interest in LTC
Crypto analyst Michael van de Poppe believes that Bitcoin is still experiencing a correction but remains in an overall uptrend. He suggests that instead of hoping for a price of $12,000, it is important to focus on potential support levels.
Litecoin Consolidates Ahead of Halving Event with Potential for Continued Upside
Litecoin is currently consolidating around $91, just above its 50 and 100-Day Moving Averages. The upcoming halving event, which is only 70 days away, will see the block reward decrease from 12.5 LTC to 6.25 LTC, resulting in a drop in the inflation rate from 3.67% to 1.8%. Despite macro headwinds, Litecoin's technical set-up suggests short to medium-term upside, with a retest of annual highs to the north of $100 per token on the cards. However, investors hoping for Litecoin to reach $1,000 per token in 2023 should temper their optimism, as it would require a 10x increase from current levels in a short period of time.
Litecoin Price Eyes Upside Break, Could Rally Towards $100 and $105 Levels
Litecoin is making an attempt to break above the $93 resistance level against the US Dollar, which could lead to a rally towards the $100 and $105 levels. The price is currently consolidating above $90 and the 100 simple moving average (4 hours), with a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.
Litecoin Futures Open Interest Surpasses $420M, Up 22% Year-to-Date Ahead of Halving Event
The open interest for Litecoin futures derivative contracts has increased by 22% year-to-date, surpassing $420 million globally. This growth is the highest observed since the beginning of 2022, and it may be influenced by several factors, including the upcoming halving event for Litecoin.
60% of Litecoin Holders in Profit Despite More Short Positions Than Long Positions
As of May 22, 60% of Litecoin (LTC) holders were in profit, with 50.55% of the total supply held by retail investors, according to data from IntoTheBlock. The LTC network also experienced a surge in transactions of more than 397%. Despite higher short positions than long positions at press time, LTC has seen impressive growth this year, with the halving approaching and LTC20 assets picking up.
Investors Turn to Litecoin and Avalanche As Bitcoin Experiences Outflows
Despite the fifth consecutive week of outflows in the crypto investment products market, Litecoin and Avalanche saw some investment inflows last week. Germany led in terms of regions with the highest outflows, accounting for 73% of the total. However, Litecoin and Avalanche recorded $0.3 million and $0.7 million in inflows, respectively, into exchange traded funds and other products. Bitcoin represented most of the negative sentiment with $33 million worth of outflows, while Ethereum recorded $1 million in outflows. Short bitcoin products also saw minor outflows of $1.3 million for the week.
