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Litecoin halving: LTC nicely poised as traders load up

By:
on Jul 30, 2023
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  • Litecoin price rose 5% on Sunday as the countdown to the August 2, 2023 halving fell to just three days.
  • On-chain data shows investors are bullish on LTC price.
  • Litecoin holders with 100-100,000 LTC have aggressively added to their positions.

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Litecoin is down to a countdown of just three days before the cryptocurrency ushers in a new chapter with its third block reward halving.

The recognition of how important this event is for the Litecoin network has investors taking positions with massive buying witnessed in the past month. And as sentiment tracks a major bullish flip, the altcoin’s price has surged 5% to hover near the critical $100 level again.

Traders bullish on LTC price

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On August 2, 2023, Litecoin will undergo its third halving event. The last one happened in 2019 and saw block rewards – what miner get for processing transactions and keeping the network secure – from $25 LTC to 12.5 LTC. In this highly anticipated halving, block reward will reduce to 6.25 LTC.

In the previous halving, LTC price rallied from $29 to $136, increasing by 403% between January and mid-June 2019. The upside faded as cryptocurrencies plummeted amid the bear market onslaught that drove the nearly 50% decline for Bitcoin price between June and December 2019.

Ahead of the 2023 halving, Litecoin price rallied to above $116, a titillating spike that included a 28% surge on June 30. Although prices are back below the psychological $100 level, crypto analysts and market experts have predicted a potential post-halving run for LTC.

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That outlook is likely the reason Litecoin holders with 100 to 100,000 LTC – the dolphins and the sharks – have accumulated over $205k worth of the altcoin in the past one and half months.

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According to market intelligence platform Santiment, the wallets with $9.5k to $950k worth of the cryptocurrency have aggressively added to their positions since June 14. Analysts at the crypto data and analytics provider say the trend suggests traders are largely bullish on what the halving could mean for Litecoin.

Litecoin traded to intraday highs of $95 on Sunday (as of press time), with 24-hour price up by about 5%. Trading volume was up more than 220%, the market seeing over $1 billion worth of LTC traded in the past 24 hours.

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