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Litecoin (LTC) Remains Red Despite Surge In Network Ahead Of Halving
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Litecoin (LTC) Remains Red Despite Surge In Network Ahead Of Halving

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Litecoin (LTC)

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As the countdown to Litecoin’s highly anticipated third mining reward halving begins, the cryptocurrency has witnessed a surge in network activity, indicating growing investor interest. However, despite this update, Litecoin hasn’t seen any significant movement in the past 24 hours but instead has remained in the red.

Litecoin’s upcoming halving, scheduled for early August, will see the block reward slashed by 50% to 6.25 LTC, setting the stage for potential price impacts and market shifts. Following its latest decline, various on-chain metrics and indicators have painted a positive picture for Litecoin’s network, suggesting a promising future for the popular altcoin.

Onchain Activity Sees Surge

According to recent data from IntoTheBlock, Litecoin has recorded an uptick in on-chain activity. Since the end of April, the total count of addresses holding a balance has experienced a surge, reaching a significant milestone of 8.5 million LTC addresses last week.

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This surge in active addresses not only demonstrates the growing popularity of Litecoin but also highlights the expanding user base and interest in cryptocurrency. 

Moreover, Litecoin number of new addresses being created and the count of active addresses have approached close to all-time highs, slightly surpassing the creation of new Bitcoin addresses.

This achievement underlines Litecoin’s robust network growth and the increasing adoption of the altcoin within the crypto community.

The heightened on-chain volume has caught the attention of the crypto analytics platform Santiment, indicating that prominent market participants may be strategically positioning themselves in LTC investments ahead of the halving event.

Santiment noted:

If this trend of increased on-chain volume continues, it will absolutely be a strong sign that some big players are beginning to jump in on their LTC investments in anticipation of the halving.

Litecoin Remains In The Red

Despite the surge in network activity, Litecoin (LTC) price has not seen any notable movement in the market in the past 24 hours but instead a continuous downtrend. Over the past 24 hours, Litecoin has seen a 2.2% loss from its value.

Litecoin (LTC)’s price chart on TradingView
Litecoin (LTC)’s price moving sideways on the 4-hour chart. Source: LTC/USDT on TradingView.com

At the time of writing, Litecoin currently trades at $89.38 after trading slightly above $90 on Tuesday. LTC’s trading volume has plunged a bit from $700 million last Thursday to $578 million in the past 24 hours indicating less trading activity.

Related Reading

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It is worth noting, however, that LTC is up 3.4% in the past week with a market cap up by more than $200 million in the same period. Meanwhile, Litecoin’s hash rate, a measure of the computational power dedicated to the network’s mining operations, has demonstrated consistency.

Despite minor fluctuations, the processing power devoted to Litecoin’s blockchain has witnessed a surge of over 24% since the beginning of the year, currently standing at 714 TH/s.

This upward trend not only enhances network security but also signifies the confidence and commitment of miners in supporting Litecoin’s ecosystem.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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