Litecoin (LTC) Records an Increase in Active Addresses

2023-05-23 13:17:41

Despite the uncertainty in the cryptocurrency market, Litecoin (LTC) appears to be enjoying positive momentum. Not only is the token trading green, but the total number of active addresses has also increased. According to the data shared by Glassnode, it has been discovered that Litecoin (LTC) experienced the largest increase in the total number of active addresses it has ever seen, where more than nearly 832,000 addresses interacted within the network. as senders or recipients.

The number has been growing dramatically since the last few weeks and these active addresses are currently at their highest point in a year.

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While Bitcoin and several other cryptocurrencies are facing immense selling pressure, LTC has managed to show impressive strength over the past few weeks. Similarly, the price of negotiation Litecoin (LTC) has crossed the $90 mark and ended last week with a staggering 14% gain.

At the time of writing this text, Litecoin (LTC) is up almost 0.56% in the last 24 hourswhich has brought the token’s trading price to almost $91.79. The market capitalization of the token sits at around $6.6 billion. Furthermore, the upcoming Litecoin halving is believed to be the main catalyst behind the rise in trading prices and active addresses.

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LITECOIN (LTC) SE PREPARA PARA SU Halving

The Litecoin Halving, known as LTC20, is scheduled for August 10 this year and is believed to be a game-changing event for the ecosystem. With that in mind, several analysts are already predicting an increasingly positive impact on the Litecoin (LTC) token price.

The event would take place in block 2,140,000 and is expected to reduce total token rewards from 12.5 LTC to 6.5 LTC. However, this move is expected to push the price of the token to new heights.

As discussions around LTC20 began to heat up, on-chain transaction volumes also saw a steady increase. Santiment, the on-chain data provider, highlighted that if the increase in on-chain volume continues, it would highlight the hoarding of Litecoin (LTC) tokens by whales. These whales might play a critical role in the performance of the network market and its native currency..

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