Litecoin likely to lead alt season rally counting down to the LTC halving event

Litecoin whale transactions remain consistently high less than ten days away from the halving event.
LTC is likely to kick off the alt season rally close to its halving slated to occur on August 2.
Litecoin’s social dominance is on the rise as the halving event draws close.

Ekta Mourya FXStreet

Litecoin’s upcoming halving has fueled speculation among LTC holders closer to the event. The halving is scheduled for August 2 according to the Nicehash halving countdown tracker.

LTC holders are enthusiastic about the upcoming event and its potential to catalyze a bullish recovery in the altcoin’s price. This can be measured by the social dominance metric.

Also read: Ethereum, Tron and Bitcoin worth $23 million drained from Alphapo hot wallets

Litecoin on-chain metrics signal LTC holders’ enthusiasm

Litecoin on-chain metrics turned bullish, rising social dominance and increased whale wallet activity signal enthusiasm of the altcoin’s holders. It is likely that the altcoin will lead the alt season rally with its upcoming halving event.

Based on data from crypto intelligence tracker Santiment, social dominance of LTC climbed over the weekend.

Litecoin price vs social dominance

Social dominance in Litecoin has previously coincided with rallies in LTC price. This is typically observed in LTC, with three instances, June 3 and 30 and July 6.

Whale transactions in Litecoin network have stayed consistently high in the weeks leading up to the LTC halving.

Litecoin whale transaction count vs price

The upcoming halving has fueled speculation and hype in the Litecoin community and LTC holders expect an upside in the price of the altcoin in the short term.

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Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.