Haling LTC Is Getting Closer, Activities On The Litecoin Network Increase Significantly

Litecoin illustration. (Photo; Newsbtc)

JAKARTA - The Litecoin (LTC) network has experienced a spike in activity in recent days, according to a report from crypto analysis firm IntoTheBlock. In the last seven-day period, Litecoin recorded a 28 percent increase in the number of daily active addresses, while the number of new addresses jumped by 54.6 percent.

This increase in Litecoin activity comes ahead of the upcoming halving event, which occurs every four years. The halving is when the block reward for mining LTC is cut in half. This event has the potential to cause a decrease in the supply of Litecoin and push up the price.

According to Litecoinblockhalf.com, the expected halving will occur on August 2nd. However, that date is still subject to change given the dynamic nature of the crypto market.

At the time this article was written, LTC was being traded at a price of IDR 1.3 million. In the past week its value has risen nearly 6.8 percent. Even so, Litecoin continues to record gains of more than 20 percent in the past month according to Coingecko data.

In terms of the overall crypto market, IntoTheBlock notes that the Nasdaq 100 (NDX) index has outperformed most of the top 10 digital assets this year. In their caption, “In 2023, the crypto market started strong, but the Nasdaq has now caught up, outperforming 6 of the top 10 crypto assets. [This year, only BTC and SOL have significantly outperformed the Nasdaq.”

With Litecoin's eye-catching moves and indications of potential price increases ahead of the halving, crypto market watchers are looking forward to further developments for this one of the standout cryptocurrencies.