Will Litecoin Continue to Rise? On-chain Data Indicates Bullish Signals!

  • Litecoin has had a busy month as the halving date approaches. According to on-chain data, the total number of Litecoin whales has increased recently.
  • According to the daily chart of Litecoin, LTC’s value has increased significantly in the past five days, rising by about 40%.
  • The 6% increase in the indicator value in the last three months indicates that whales are currently more interested in the asset.

Litecoin price has started a bullish rally with the approaching halving: According to data, the number of LTC millionaires has significantly increased.

Litecoin Rising with Halving Excitement

Litecoin (LTC)

Litecoin has had a busy month as the halving date approaches. According to on-chain data, the total number of Litecoin whales has increased recently because the Litecoin halving is now just a month away. According to data from on-chain analytics company Santiment, the number of “millionaire” addresses holding LTC has significantly increased.

In this case, the “Supply Distribution” that shows how many addresses each wallet group has on the Litecoin network is an important signal. Each address is divided into various wallet groups depending on how much coin it currently contains. For example, the 100-1,000 coin group includes addresses or investors with a balance of at least 100 and up to 1,000 LTC.

According to the daily chart of Litecoin, LTC’s value has increased significantly in the past five days, rising by about 40%. This increase marked a significant milestone as the highest level observed for over a year. The Litecoin price is currently trading at $98.

The following chart shows the recent changes in the total number of addresses belonging to these significant Litecoin holders. The number of Litecoin addresses holding at least 10,000 LTC has seen a significant increase in the past few months, as seen in the chart.

litecoin-millionaire-addresses

Whales are usually the owners of millionaire LTC wallets. Due to the significant amount of assets in these large investors’ addresses, they can have a significant impact on the market.

Therefore, the 6% increase in the indicator value in the last three months indicates that whales are currently more interested in the asset. Considering that the Litecoin halving is now less than a month away, this group can be considered bullish.

Investors Waiting for Litecoin Halving

The eagerly awaited halving event may have at least partially contributed to the recent increase in Litecoin’s value. The halving event occurs every 840,000 blocks or every four years. During this event, the block reward is halved. This process continues until 2142 when the block reward is expected to approach zero per block. The Litecoin halving event is expected to take place on August 2, 2023.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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