As the eagerly anticipated Aug. 2 halving draws near, prominent crypto intelligence blog Santiment has noticed a rise in interest in Litecoin (LTC). LTC’s trading volume has increased by an astounding 48.5% in less than 24 hours, rising from $377 million to an amazing $560 million, with fewer than 10 days till the halves event.
Interestingly, despite experiencing a more than 20% loss since the start of June, the slide in the price of LTC appears to have stopped in the midst of this astounding surge in trading volume.
Analysts have discovered possible indications of a local bottom emerging on smaller time frame charts, suggesting a potential shift in market mood.
Despite the rise in trading volume, renowned crypto experts have differing views on the price of LTC’s future course.
Fun on hold
Benjamin Cowen, one of these analysts, drew attention to a historical trend connected to Litecoin’s halving occurrences. He disclosed that the price of LTC has often decreased between June and July in years with past price halvings. Cowen’s tweet showing this tendency, it’s interesting to note, seems to coincide with the beginning of LTC’s recent slide.
LTC addresses exceeded 350,000 during the previous five years, and after Cowen’s research and that of analyst Ali Martinez, there was a significant price drop. More than 690,000 LTC addresses have been created recently, which suggests that the impending halving may be the subject of a “sell the news” sort of event.
In conclusion, Litecoin’s recent increase in trading volume has excited crypto fans, but analysts are still wary and believe that the price may fall.
