At the conclusion of the first 10 days of November, the value
of Litecoin increased by an impressive 80% to $97.77 per LTC, the highest it
has been in 8 months. The sudden surge of this "dino coin" (as older
digital currencies like Litecoin are called) can be attributed to two primary
reasons.
Crypto analytics portal Santiment reports that large holders of Litecoin have stocked up on the coin in the past seven months. Addresses holding between 100 and 10,000 LTC have acquired a total of 1.15 million coins, which is 0.5% of the cryptocurrency's entire supply.
At the end of July, crypto investors got the opportunity to
purchase Litecoin for a lower price than normally seen and made their purchases
when the currency was priced lower than $60 per coin.
Litecoin Halving
In less than 200 days, Litecoin is due for a momentous
event. It is referred to as halving, which implies that the rewards for each
mined LTC will diminish. This occurrence is supposed to take place on or before
August 2023 at the block height of 2,520,000.
Halving of Litecoin and other
proof-of-work coins can have a positive impact on crypto prices. It is essential to
understand, however, that this is not an absolute rule and a rise in the price
of LTC may be preceded by a market-wide correction prior to the event.
Source: U Today
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