Top market whales are amassing large amounts of Litecoin (LTC), which has a short-term positive undertone for the system. A Santiment analysis indicates that around 590,000 LTC, or over $59 million, had been purchased by Litecoin whales in the previous 48 hours.
As whales appear to be pricing in the next Litecoin protocol halving event, the accumulation has begun to take the shape of a pattern. The halving, one of the protocol’s most important milestones, is planned for some time in August.
Block incentives for miners will be cut in half, which might be quite advantageous for Litecoin. As a result, the pace of manufacturing of the LTC currency will be slower, which is theoretically a deflationary feature that, when combined with the rising demand, may have a special positive impact on the price.
Similar to most cryptocurrencies, Litecoin is now on a bullish run as a result of a convergence of favourable data. As of this writing, the currency has increased 2.19% to reach $93.39. It is trying to reduce the losses accumulated over the last week at the present level.
Confluence of positivity
Litecoin is now in a stage of development when there is a convergence of favourable factors that is influencing investor sentiment globally.
In addition to the halving event, Litecoin has been making progress in its role in payments, as seen by new records and milestones. Litecoin is one of the few protocols that has had 100% uptime since its creation, with over 170 million transactions having been executed on the network as of today.
The advent of Ordinals Inscriptions on Litecoin is another noteworthy development that demonstrates the protocol’s adaptability and creativity.
