Santiment, a cryptocurrency data analytics firm, has tweeted about the upcoming Litecoin halving in August. The company’s latest insight report delves into the sudden increase in active addresses on the Litecoin network, as well as the impact of LTC20 on network activity and supply distribution.
While LTC’s transaction volume has only seen a slight increase, the number of active addresses has significantly risen. This suggests that most of these transactions are relatively small in size.
The surge in active addresses could be due to the introduction of LTC20 on Litecoin, an experimental standard for non-fungible tokens (NFTs). Twitter users in the Litecoin community have been discussing its implementation.
The smallest group of wallets, holding between 0 and 0.001 LTC, is growing rapidly in tandem with the increase in active addresses, indicating that LTC20 could be the driving force behind this anomaly. It remains to be seen if the Litecoin hype will continue to build in the coming weeks leading up to the halving.
It is worth monitoring the current trends and potential influence of LTC20 on Litecoin’s active addresses. The market’s direction cannot be predicted, but this insight report provides valuable information for cryptocurrency traders and enthusiasts.
Litecoin Price Analysis
LTC is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $80.67, up by about 2.01% in the last 24 hours. However, the weekly chart recorded a decline of about 7%, indicating some market volatility.
In addition, LTC’s trading volume has witnessed a decrease of 35.71%, reaching $410,168,745, whereas the market capitalization has increased by 2.02%.
According to a technical analysis of the coin, a bearish trend has been observed in the long term, indicating a predicted decrease of $1.73 in the price of Litecoin over the next 7 days. This downward trend is expected to continue until May 20th, 2023, when the price is predicted to reach $79.02.
In the short term, the machine learning algorithm has identified a current bearish trend for LTC, which suggests a slight decrease in the price over the next few hours.