- The coin gained 29% over the week
- And crossed the important $100 barrier
- With miners and whales actively hoarding
The Litecoin (LTC) network coin broke the key psychological level of $100 on Friday. It happened for the first time since mid-April. Meanwhile, the blockchain itself is showing a surge of online activity and mentions on social networks.
The reason for the hype is the upcoming Litecoin halving, which will take place in 29 days. In the long term, this is considered a catalyst for growth for the LTC exchange rate.
After halving, the current block reward (12.5 LTC) will drop by half. The blockchain has previously gone through two halving stages, and both events have driven its price up.
By Litecoin, the network has successfully processed one million transactions in the past week. At the same time, its social dominance (an indicator of altcoin’s demand among crypto market participants) and the number of mentions in social networks increased.
Miners are preparing for the upcoming event and actively accumulating lightcoin. 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.
The whales (major LTC coin owners) do not sleep either.. According to analysts, they took advantage of the recent correction of the crypto market to buy more coins. Between May 22 and June 7, the number of LTC whale transactions increased 23% from 893 to 1,100.
Meanwhile, BTC halving is also gradually coming.. We have a detailed piece on how this will affect the major cryptocurrency.