Litecoin Moments halving the much awaited one is getting closer, and triggering the arrival of the para whales LTC.
Deep-pocketed investors, so to speak whaleshas been observed in the Litecoin market in recent months, raising expectations and fueling related speculation halving which will come.
Towards Litecoins Halvings
When Litecoin gets ready to run halving all three, which is similar to the block reward reduction that occurs periodically on Bitcoinsthe community enthusiastically noticed how para whales this will affect the market in the coming weeks.
Based on reports CoinMarketCap, whales can significantly affect prices and market sentiment, either positively or negatively.
On the positive side, their increased activity can contribute to liquidity, reduce volatility and create a more stable trading environment.
Additionally, the buying pressure they exert can drive up the price, benefit existing Litecoin holders and drive wider adoption of the cryptocurrency.
According to Marketcap’s latest update, the price of LTC is now at around US$96.93, representing a 14 percent increase in the past seven days.
It should be noted that engagement whales market in the approaching period halving not uncommon.
These big investors often see halving as a potential trigger for price growth and make preparations by accumulating large amounts of crypto beforehand.
Enter whales into the Litecoin market has been observed through various indicators. For example, the concentration of Litecoin tokens among the top addresses has increased in recent months.
That shows significant accumulation by big investors, aka whales. In particular, in the last five months, 32 addresses appeared holding 10,000 LTC or more.
In addition, previous reports indicate that LTC has hit a local low of US$85.
That signals the exit of weak hands (speculators) and the entry of long term investors. After this important breakthrough, the value of LTC increased by 20 percent.
LTC Rising Achievements
In June, Litecoin experienced a significant moment in its ecosystem, surpassing all major assets, including Bitcoin, to become the most widely used cryptocurrency for payments.
Coinotag reported, data from BitPay showed that Litecoin’s share in global payments rose to 34.9 percent in June, outperforming Bitcoin’s share of 34.06 percent.
Charlie Lee, Creator of Litecoin, expressed surprise and delight about this achievement, highlighting the growing preference for payments using Litecoin over BitPay.
“Personally, I didn’t expect this day to come, but it did. Litecoin payments via BitPay even surpass Bitcoin,” said Lee.
Also, Glassnode found that the total number of LTC transactions saw a significant increase in June, reaching levels which is equivalent to the daily total of Bitcoin in some cases.
Demand for easy LTC transactions has increased markedly since May as users turn to alternatives due to the high transaction fees on Bitcoin. [st]