Despite the uncertainty in the crypto market, Litecoin (LTC) seems to be enjoying an overall positive momentum. Not only is the token trading in the green, but the total number of active addresses has jumped as well. Based on the data shared by Glassnode, it has come to light that Litecoin (LTC) saw the largest spike in the total number of active addresses, where more than almost 832,000 addresses were interacting within the network as either senders or receivers.
The number has been growing dramatically since the previous few weeks, and these active addresses currently stand at their one-year high.
While Bitcoin and several other cryptocurrencies are facing immense selling pressure, LTC has managed to display impressive strength during the previous few weeks. Similarly, the trading price of Litecoin (LTC) has crossed the $90 mark and ended the previous week with an astonishing 14% gain.
At the time of writing, Litecoin (LTC) has surged by almost 0.56% in the last 24 hours, and the surge has pushed the trading price of the token to almost $91.79. The market cap of the token stands at the $6.6 billion mark. Apart from that, the masses believe that the upcoming halving event by Litecoin is the main catalyst behind the surge of both trading prices and active addresses.
Litecoin (LTC) Gears Up for Its Halving Event
The Litecoin halving event, dubbed LTC20, is bound to happen on August 10 this year and is believed to be a game-changing event for the Litecoin ecosystem. Keeping that in mind, several analysts already predict an increasingly positive impact on the price of the Litecoin (LTC) token.
The Litecoin halving would take place on the block 2,140,000 and is meant to reduce the overall rewards for the token from almost 12.5 LTC to 6.5 LTC. However, the move is expected to push the price of the token to new heights.
As discussions revolving around LTC20 started to gear up, the on-chain transaction volumes also witnessed a steady increase. Santiment, the on-chain data provider, highlighted that if the increase in the on-chain volume continues, it would highlight the accumulation of Litecoin (LTC) tokens by whales. These whales could play a critical role in the network and its native coin’s market performance.