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✅Litecoin (LTC) Miners Prepare for Halving: What’s in Store for Litecoin Price?
Litecoin’s next halving event is now less than two months away. After spending the better part of May offloading their bags, LTC miners seem to have switched to accumulation mode in June 2023.
With crypto whales also joining in on the accumulation wave, what are the chances that LTC price will reclaim $100?
Litecoin Miners are Stacking their Bags Ahead of Halving Event
In concise terms, a Halving Event in crypto refers to a programmed reduction in the rate at which new cryptocurrency units are created, i.e., awarded to miners. It typically occurs at predetermined intervals as a fundamental part of the cryptocurrency’s inflation control.
In anticipation of their block rewards being cut in half in August, miners on the Litecoin network have already started to stack up their reserves. IntoTheBlock’s Miner Reserves data renders real-time balances of crypto wallets associated with recognized miners.
The data shows that the miners have demonstrated confidence in spite of the recent industry-wide contraction that followed the US SEC’s lawsuit filings against Binance and Coinbase this week.
It is also important to note that Litecoin Miners currently hold about 2.5% of the total LTC coins in circulation. By holding such a significant stake, their current bullish sentiment could weigh heavy and trigger positive price action in the coming days.
Crypto Whales Are Getting in on the Action
According to on-chain data, crypto whales took advantage of the recent LTC price correction to scoop the dip. The chart below shows how the Large Transaction involving LTC soared over the past two weeks.
Between May 22 and June 7, LTC whale transactions have trended 23% upward from 893 to 1,100 transactions.
The data shows that the miners have demonstrated confidence in spite of the recent industry-wide contraction that followed the US SEC’s lawsuit filings against Binance and Coinbase this week.
It is also important to note that Litecoin Miners currently hold about 2.5% of the total LTC coins in circulation. By holding such a significant stake, their current bullish sentiment could weigh heavy and trigger positive price action in the coming days.
Crypto Whales Are Getting in on the Action
According to on-chain data, crypto whales took advantage of the recent LTC price correction to scoop the dip. The chart below shows how the Large Transaction involving LTC soared over the past two weeks.
Between May 22 and June 7, LTC whale transactions have trended 23% upward from 893 to 1,100 transactions.
Still, the bears could negate the bullish Litecoin price prediction if LTC unexpectedly loses the critical $86 support. But, the 836,000 investors that purchased 10.48 million LTC at the minimum price of $86.85 will likely prevent the drop.
Although unlikely, LTC could retrace further toward $80 if that support level is breached.
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Litecoin’s next halving event is now less than two months away. After spending the better part of May offloading their bags, LTC miners seem to have switched to accumulation mode in June 2023.
With crypto whales also joining in on the accumulation wave, what are the chances that LTC price will reclaim $100?
Litecoin Miners are Stacking their Bags Ahead of Halving Event
In concise terms, a Halving Event in crypto refers to a programmed reduction in the rate at which new cryptocurrency units are created, i.e., awarded to miners. It typically occurs at predetermined intervals as a fundamental part of the cryptocurrency’s inflation control.
In anticipation of their block rewards being cut in half in August, miners on the Litecoin network have already started to stack up their reserves. IntoTheBlock’s Miner Reserves data renders real-time balances of crypto wallets associated with recognized miners.
The data shows that the miners have demonstrated confidence in spite of the recent industry-wide contraction that followed the US SEC’s lawsuit filings against Binance and Coinbase this week.
It is also important to note that Litecoin Miners currently hold about 2.5% of the total LTC coins in circulation. By holding such a significant stake, their current bullish sentiment could weigh heavy and trigger positive price action in the coming days.
Crypto Whales Are Getting in on the Action
According to on-chain data, crypto whales took advantage of the recent LTC price correction to scoop the dip. The chart below shows how the Large Transaction involving LTC soared over the past two weeks.
Between May 22 and June 7, LTC whale transactions have trended 23% upward from 893 to 1,100 transactions.
The data shows that the miners have demonstrated confidence in spite of the recent industry-wide contraction that followed the US SEC’s lawsuit filings against Binance and Coinbase this week.
It is also important to note that Litecoin Miners currently hold about 2.5% of the total LTC coins in circulation. By holding such a significant stake, their current bullish sentiment could weigh heavy and trigger positive price action in the coming days.
Crypto Whales Are Getting in on the Action
According to on-chain data, crypto whales took advantage of the recent LTC price correction to scoop the dip. The chart below shows how the Large Transaction involving LTC soared over the past two weeks.
Between May 22 and June 7, LTC whale transactions have trended 23% upward from 893 to 1,100 transactions.
Still, the bears could negate the bullish Litecoin price prediction if LTC unexpectedly loses the critical $86 support. But, the 836,000 investors that purchased 10.48 million LTC at the minimum price of $86.85 will likely prevent the drop.
Although unlikely, LTC could retrace further toward $80 if that support level is breached.
Return to Updates
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