Crypto community buzz around Litecoin increases as its halving date approaches. What can we expect? We should prepare for an earthquake.
Litecoin Halving Is Preparing Some Surprises
While part of the crypto world looks forward to Bitcoin halving in spring 2024, the reduction in LTC’s emission rate is also notable.
Blockchain analysis firm Santiment said Litecoin’s halving would slash mining rewards by 50%, as expected. However, there are other forces at play. Whales and other large investors are already preparing for the event.
Litecoin Whale Transactions | Source: Santiment
These big players’ transactions are increasing together with LTC’s transaction volumes.
Litecoin Transaction Volume | Source: Santiment
Litecoin’s price has also increased significantly as investments pour in, in anticipation of the having. As a result, Litecoin could experience a positive summer.
However, it is still wise to exercise caution as the bullish behavior could be short-lived. Santiment confirmed to a Twitter user that Litecoin could enter a temporary bull market after the halving.
Prices will either rise in the coming weeks and stabilize before the halving, or they will fall in August after enthusiasm cools.
An Asset to Monitor Anyway?
What can we really glean from this analysis? Santiment could be wrong since Litecoin has been on an uptrend recently. Not even the crypto winter could affect the asset’s reputation or growth.
LTC/USD Price | Source: CoinMarketCap
In any case, many experts predict the continuation of a bull market until at least August. The arrival of non-fungible tokens (NFTs) on the Litecoin network could increase the chances of that happening.
Bitcoin and Ethereum’s high transaction fees could also expedite that outcome, pushing investors to embrace cheaper projects.
While the halving’s consequences remain unpredictable, there is little chance it could upset Litecoin’s bullish evolution. One thing is certain: whatever happens this summer, you are sure to hear about it.
The moral of the story: LTC’s success depends on how closely it follows a previous trend.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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