News - Whales buy Litecoin (LTC) before halving
In just under 30 days, the block reward on the Litecoin blockchain will be halved. Whales are hitting their stride and buying LTC en masse before the halving.
The number of Litecoin millionaires is on the rise. This is according to data from analysis platform Santiment. About 32 new millionaires joined in the past five months, a growth of 6 percent. According to Bitinfocharts there are 1,234 addresses with holdings worth more than 10,000 LTC.
⚡ #Litecoin's #millionaire addresses are continuing to increase in number, as the #halving is within a month away now. Prices corrected over the #4thofJuly break, but don't be surprised if another $LTC rally happens with all of this #whale accumulation. https://t.co/L7MEhgPrTU pic.twitter.com/83wc2zkiCC— Santiment (@santimentfeed) July 5, 2023
Since July 2022, the Litecoin price has risen nearly 108 percent. The Litecoin price is currently hovering below 100 euros. After a period of weakness, Litecoin is back in the top 10 most valuable cryptocurrencies based on market capitalization. The reason for the current strong price growth: the upcoming halving.
Next month, the block reward in the blockchain will be halved to 6.25 LTC. Litecoin is also benefiting from the hype surrounding Ordinals. Litecoin NFTs. In the past month, it reached a new all-time high on the network.