While the LTC halving event is still a few months away, cryptocurrency researcher Ali Martinez commented on the milestone reached by the popular cryptocurrency Litecoin on Twitter.
Here is the latest on the LTC network’s progress.
Spike in LTC active wallets detected
According to Martinez’s tweet, the past two years have seen the highest increase in the number of active LTC wallets. 832,000 LTC addresses were involved in the interaction, both senders and recipients.
In addition, the Litecoin network has shown significant growth this year, according to the on-chain data aggregator IntoTheBlock. Nearly 400% more transactions have been made on it, retail customers now possess around 50% of the total supply, 60% of LTC investors are in high profit, and 3,900,000 wallets have been holding LTC for more than a year. The hash rate of the currency has also increased by 25%.
The adoption of the LTC20 standard by the Litecoin network, which permits the issuance of tokenized assets on Litecoin in a manner akin to Ethereum’s ERC20, is what led to this. On the LTC network, developers may now produce DeFi, dApps, NFTs, and other cryptocurrency-based goods.
LTC halving is 80 days away, price may jump
This year’s Litecoin halving, or halvening as it is often known, is scheduled for August 10. The word “halving” refers to a planned reduction of miner earnings by 50%. This is anticipated to be advantageous for Litecoin, just like it was for Bitcoin, and LTC will grow in scarcity.
On block 2,140,000, the halving will take place, and miner payouts will decrease from 12.5 LTC to 6.25 LTC each new block, indicating that there will be half as many LTC created with each block. Similar to how Bitcoin’s price was affected by its halving, this is anticipated to assist Litecoin’s price increase. It happens roughly every four years; the last one was in 2020, and the following one is anticipated to be in 2024.
According to CoinMarketCap statistics, LTC is currently trading at $91.83 after increasing 3.01% in the last week.
