On-chain data provider IntoTheBlock tweeted some interesting information on the “digital silver,” Litecoin (LTC). It turns out that certain Litecoin wallets have been keeping 13% of the current LTC supply untouched for five years in anticipation of the forthcoming halvening.
Analysts at IntoTheBlock speculate that this may be due to “unwavering confidence” or a loss of LTC coins.
Large transactions and rising staking liquidity have worked together to keep Ethereum afloat in the face of general market concern.
This year’s LTC halving will occur on August 2; a block reward will then be reduced by half, making 6.25 LTC instead of the current 12.5 LTC.
According to U.Today, the anonymous cryptocurrency DASH also finished a halving ten days ago. The same significant Bitcoin event will occur in April or May of the next year. Proof-of-work coins experience halvings every four years, as specified by their developers. Since there are fewer coins available on the market every four years and the price might therefore increase, they allow maintaining a deflationary environment.
Recently, hashrate for LTC also increased. Litecoin had a sharp rise in the number of active LTC wallets in May, also ahead of the impending halving. In addition, the number of LTC addresses holding 0.001 LTC started rapidly increasing.
