Halving: Halving refers to a process that reduces the issuance rate of new proof of work (PoW) cryptocurrency. More specifically, halving is the periodic reduction of the block subsidy provided to miners. Halving ensures that a crypto asset will follow a steady issuance rate until it eventually reaches its maximum supply.
Litecoin, one of the leading cryptocurrencies, is rapidly approaching its highly anticipated halving event. With just 27 days left until the event, the block reward for Litecoin is set to be reduced from 12.5 LTC to 6.25 LTC. According to OKLink, a reliable source for blockchain data, the third Litecoin halving is expected to take place on or around August 2, 2023. This countdown has generated significant excitement within the crypto community.
⚡ #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
The recent countdown shared by Litecoin on July 3 mentioned that only 30 days remained until the halving event. By deducting the time that has passed since then, we can confirm that there are indeed 27 days left. As the halving event approaches, on-chain analytics firm Santiment has observed a consistent growth in the number of millionaire addresses holding Litecoin. Over the past five months, 32 new millionaire addresses, each containing 10,000 LTC or more, have emerged. This represents a 6% increase and indicates a potential rally if the trend of whale accumulation continues.
Furthermore, Litecoin experienced a notable surge in late June after being selected as one of four cryptocurrencies to be included on EDX Markets, a crypto exchange backed by prominent Wall Street players such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets. This endorsement from major financial institutions has further bolstered confidence in Litecoin and its prospects.
An interesting metric to consider is the Break Even Price indicator provided by IntoTheBlock, which analyzes on-chain data to determine realized gains and losses for LTC holders. With Litecoin’s current price at $100, approximately 5.65 million addresses, accounting for 64.24% of the total, have either realized gains or are currently in a profitable position. On the other hand, 2.74 million addresses (31.14%) find themselves in losses, while 405,970 addresses (4.62%) are at break-even, meaning they neither profit nor loss. It is worth noting that 51% of all Litecoin addresses belong to long-term holders who have kept their LTC assets for over a year. Meanwhile, 42% have held their holdings for one to twelve months, and the remaining 7% have been involved in Litecoin for less than a month.
As the countdown continues and market dynamics evolve, it remains to be seen how the halving event will impact Litecoin’s price and overall market sentiment. However, with the increasing number of millionaire addresses and notable partnerships, Litecoin has been able to generate significant interest and demonstrate its resilience in the cryptocurrency landscape. Investors and enthusiasts eagerly anticipate the halving event, hoping for further positive developments in the future.
Read More:
