• Litecoin (LTC) has experienced a surge in on-chain metrics, with a 55 percent increase in new addresses and a 28 percent increase in daily active addresses over the past week.
• The upcoming Litecoin halving event, scheduled in less than two months, is expected to have a positive impact on the network.
• Investors are eagerly awaiting the upcoming Litecoin halving event scheduled ahead this year in August 2023.
Litecoin On-Chain Metrics Surge
Litecoin (LTC) has seen an impressive surge in its on-chain metrics, with an increase of 55% in new addresses and 28% rise in daily active addresses over the past week. According to crypto analytics firm IntoTheBlock, Litecoin’s total number of addresses has surpassed 200 million, surpassing Ethereum’s count of 180 million but still far behind Bitcoin’s 1 billion addresses. This trend indicates an increasing interest among investors as they prepare for the upcoming Litecoin halving event.
Upcoming Halving Event
The next Litecoin halving event is set to occur within 44 days at a block height of 2,520,000. During this halving event, the block rewards will be reduced from 12.5 LTC to 6.25 LTC. In the past, such events have often had a positive effect on cryptocurrency prices; many investors are expecting similar results for Litecoin this time around as well.
What Is Halving?
Halving is defined as a predetermined decrease in the rate of newly minted coins given to miners by blockchain networks like Litecoin and Bitcoin. On average, new blocks are generated every 2 and half minutes on the Litecoin network; after halving occurs, miners will receive only half (6.25 LTC) of what they were previously rewarded (12.5 LTC).
Historical Impact Of Halvings
In general, cryptocurrency prices tend to experience an uptrend after halvings due to scarcity created by reducing supply combined with ongoing demand from buyers who expect price appreciation post-halvings due to historical trends seen across multiple cryptocurrencies prior to their own respective halvings . This leads many investors and traders into buying tokens before these events take place so that they can benefit from subsequent price increases when supply decreases but demand remains stable or increases further .
The recent surge in Litecoin’s on-chain metrics shows that it is gaining traction among investors who are looking forward to its upcoming halving event scheduled for August 2023 which could potentially lead to increased demand and higher prices due to decreased supply following the reduction of block rewards given out by miners . It remains yet unclear how much exactly this event will affect its price but historically speaking , we can assume that it will likely provide some form of upwards momentum for its value .