Litecoin holders countdown 11 days to LTC halving, traders expect bullish price action


  • Litecoin halving is 11 days away, analysts observe renewed enthusiasm among LTC traders. 
  • In the past six months, 1,185 new addresses have added more than 100 LTC to their holdings. 
  • LTC halving event is likely to catalyze a massive price rally in the altcoin. 

Litecoin is less than two weeks away from its halving event when block reward for mining LTC will be slashed in half. LTC holders have displayed enthusiasm as the Litecoin halving event draws close. 

LTC price on Binance is $92.58, the altcoin continues to sustain above the key psychological barrier at $90. 

Also read: Alt season likely in Q3 with declining Bitcoin dominance, July emerges as altcoin month

Litecoin price sustains above $90 closer to LTC halving

According to the Litecoin halving countdown tracker on Nicehash.com, LTC is 11 days away from its halving. The halving event marks a key milestone for Litecoin holders for two reasons. First it reduces the circulating supply of the asset, as block reward for mining LTC is slashed in half, therefore decreasing the selling pressure on the asset. 

Litecoin halving countdown

Litecoin halving countdown tracker on Nicehash.com

The second reason is that LTC halving events catalyze a rally in the altcoin’s price. Traders are enthusiastic that the scarcity will be enough to sustain the altcoin’s price above $90. 

In the months leading up to the altcoin, 1,185 wallet addresses have joined the Litecoin network, holding upwards of 100 LTC each. These entities are bullish on LTC price rally with the upcoming halving event. 

Based on data from Santiment, less than 12 days away from the halving, 36,800 wallets have at least 100 LTC each in their wallets. The rise in wallets holding large volume of LTC token is a sign of accumulation, typical of a bullish thesis for the altcoin.

Litecoin entities accumulate LTC

Litecoin entities scoop up more LTC tokens closer to the halving

The alt season narrative has gathered steam in July 2023, after Blockchaincenter.net tracker identified it as altcoin month. Altcoins, including LTC have consistently outperformed Bitcoin throughout the past thirty days, increasing the likelihood of an alt season in Q3 2023. Find out more about it here.


Like this article? Help us with some feedback by answering this survey:



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin volatility hits multi-month lows, raising concerns of liquidation cascades

Bitcoin volatility hits multi-month lows, raising concerns of liquidation cascades

Bitcoin price has been consolidating between $94,000 and $100,000 for two weeks. Defund exchange FTX repayments on Tuesday dipped Bitcoin towards its lower boundary of the consolidating range.

More Bitcoin News
Litecoin bulls target $170 mark as open interest reaches four-year high of $887 million

Litecoin bulls target $170 mark as open interest reaches four-year high of $887 million

Litecoin price extends its gains and recovers above the $135.00 level on Wednesday, rallying over 7% so far this week. LTC’s open interest hints at a continuation of the rally as it reaches the highest level since May 12, 2021, of $887 million. 

More Litecoin News
Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker Price Forecast: MKR generates highest daily revenue of $10 million

Maker price extends its gains by 6%, trading around $1,189 on Wednesday after rallying more than 20% so far this week. On-chain data support a bullish move ahead as MKR generated a new yearly high in daily revenue, and funding rate data is positive.

More Maker News
Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP is down 3% on Tuesday despite the Securities and Exchange Commission (SEC) acknowledgment of Bitwise XRP ETF. Unchained Crypto noted that XRP ETF could underperform due to key fundamental issues.

More Ripple News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP