- For a week, the coin added 29% in price
- And overcame an important barrier of $100
- At the same time, miners and whales are actively accumulating their reserves
The Litecoin (LTC) network coin passed the key psychological level of $100 on Friday. This has happened for the first time since mid-April. At the same time, the blockchain itself shows a surge in network activity and mentions in social networks.
The reason for the excitement was the upcoming Litecoin halving, which will take place in 29 days. In the long term, this is considered a growth catalyst for the LTC price.
After the halving, the current block reward (12.5 LTC) will be halved. The blockchain has already gone through two stages of halving before, and both events led to an increase in its price.
According to Litecoin, the network has successfully processed one million transactions over the past week. At the same time, its social dominance (an indicator of the demand for an altcoin among crypto market participants) and the number of mentions in social networks increased.
Miners are preparing for the upcoming event and are actively accumulating Litecoin. Between May 31 and June 7, they increased their reserves by 160,000 coins. Litecoin miners now own about 2.5% of all coins in circulation.
Whales do not sleep either (large owners of LTC coins). According to the data analysts, they took advantage of the recent crypto market correction to buy more coins. Between May 22 and June 7, the number of LTC whale trades increased by 23% from 893 to 1,100 trades.
Meanwhile, the BTC halving is also gradually approaching. We have detailed material on how this will affect the main cryptocurrency.