• Crypto analytics firm Santiment predicts that Litecoin (LTC) whale activity will push up the price of LTC in the coming months due to the upcoming halving.
• Santiment notes that on-chain volume is trending upwards, and an increase in unique addresses interacting on the Litecoin network could signal a “discount” before August 10th.
• The Litecoin halving is scheduled for August 10, 2023 and LTC is currently trading at $91.48.
Santiment Predicts Whales Will Push Up Price of Litecoin
A leading crypto analytics firm, Santiment, says that Litecoin (LTC) whale activity is likely to drive LTC’s price upwards before the LTC halving. In a new report, Santiment says the upcoming LTC20 halving, which cuts down the amount of newly issued coins to miners in half, is expected to have a positive impact on the price of Litecoin.
On-Chain Volume Trending Upwards
Santiment notes that on-chain volume is trending upwards rapidly and this bodes well for price if it continues. They also mention that an increase in unique addresses interacting on the Litecoin network could signal a “discount” before August 10th when the halving occurs.
Halving Expected to Have Positive Impact
The report from Santiment suggests that trading volumes may slow down in near term but then pick up again mid-June as traders begin to anticipate the event. They also state that whales could push up prices above $100 before investors get one final dip ahead of August 10th when the halving takes place.
Litecoin Currently Trading at $91
At time of writing, LTC is trading for $91.48 according to Daily Hodl Staff May 23rd article about Altcoins. This gives investors some time ahead of August 10th when they can make their investments with some discount available until then according to Santiments predictions.
Conclusion
Cryptocurrency analysts have predicted that whale activity over upcoming months will push up prices for Litecoin (LTC). This prediction comes from a report published by crypto analytics firm Santiment who believe this trend will continue until August 10th when they expect prices to reach above $100 due to anticipation around Halvening event taking place then too. Most importantly, current rate at which LTC is being traded ($91) provides investors with time ahead of Halvening date where they can take advantage of discounts available till then .
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