Litecoin (LTC) price stable as active addresses skyrocket to yearly highs

Litecoin has remained stable over the last few weeks, with the crypto community continuing with the halving countdown. The alternative token shows strength even as Bitcoin and other cryptos encounter selling momentum. LTC gained 14% over the past seven days to overcome its near-term obstacle at $90.

Meanwhile, analysts attribute Litecoin’s latest price surges to the bullishness that emerged ahead of the upcoming LTC halving (August 2023). The latest Glassnode data shows a massive increase in Litecoin’s active addresses – with over 832K LTC addresses participating as receivers or senders.

Litecoin halving countdown continues

The Litecoin blockchain awaits a significant event on 10 August, the LTC20 halving. Moreover, crypto experts trust the halving will catalyze positive price actions for LTC. Furthermore, Invezz.com reported that the altcoin is already capitalizing on the halving craze, soaring over the past week.

The Litecoin halving, scheduled at block 2,140,000, will reduce mining rewards by half – from 12.5 LTCs to 6.25 LTCs. That will bring scarcity – and declined supply pushes prices higher.

Litecoin has seen increased conversation this month, with LTC20 discussions dominating early in May. Also, on-chain transaction volume recorded gradual upticks. Santiment stated that continued on-chain volume surges would confirm whales started scooping the altcoin as the halving event approached.

Litecoin price today

As mentioned, Litecoin saw quick surges over the past few weeks. While publishing this content, Invezz.com data shows LTC trading at $92.12, gaining 0.88% over the past 24 hours. However, the altcoin will likely enter a short-term consolidation phase, considering its fast upticks, before continuing the upside trip.

Source – Invezz.com

Furthermore, Litecoin enthusiasts should evaluate broad market trends and news to identify the token’s potential direction. While publishing this content, the crypto space struggled to fight bearishness. Meanwhile, investors should watch this week’s financial trends that could impact price actions.

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