Bullish sentiment around Litecoin has been on the rise as the network is drawing closer to its much-anticipated halving event. This positive sentiment is reflected in the number of new daily addresses on the blockchain, which has seen a significant rise over the last week.
Litecoin New Addresses Jump 55% In 7 Days
In a Twitter post, on-chain data aggregator IntoTheBlock revealed that the number of new addresses on the Litecoin network has been on the rise. Notably, the majority of the growth has been recorded in the last week alone when the total new addresses jumped a whopping 55%.
Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH
— IntoTheBlock (@intotheblock) June 19, 2023
This meteoric rise in new addresses saw Litecoin’s total addresses cross the 200 million level. This new milestone meant that the total number of LTC addresses has now surpassed that of Ethereum’s 180 million. However, it is still a long way from its biggest rival Bitcoin, which currently boasts over 1 billion total addresses.
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Nonetheless, the rapid rise in new Litecoin addresses shows that the bullish sentiment is spreading as new investors flock to the blockchain. This is all happening ahead of the Litecoin halving happening less than two months from now.
LTC Halving Could See Price Soar
The Litecoin halving is an event that sees the block reward for miners on the network cut down in half. It works just like Bitcoin in this way as it happens every four years, and creates an environment of scarcity for the cryptocurrency. This is why the halving can be a bullish event for the digital asset.
LTC’s next halving is taking place approximately 44 days from now at a block height of 2,520,000. This halving reward will cut block rewards down from 12.5 LTC to 6.25 LTC, and a block is produced on Litecoin approximately every two-and-a-half minutes.
As the block rewards are set to be cut in half, investors are flocking to the digital asset in hopes that the halving will trigger a rally. This is not out of the ordinary given that has been the case in the past. Presently, LTC is trading at $76 apiece but as bullish sentiment rises leading up to the event, the cryptocurrency could easily cross the $100 mark.
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For now, the bears remain in control as LTC continues to trade well below its 50-day and 100-day moving averages. As momentum picks up leading up to the halving, this is expected to change, putting the buyers in charge of determining its fair price.
LTC price is down 0.70% in the last 24 hours and 1.45% on the 7-day chart.