coinspress.com
Litecoin investors have been steadily accumulating the digital asset in anticipation of its upcoming halving event.
According to data from Santiment, mid-sized Litecoin whales, holding between 100 to 10,000 $LTC, have been actively purchasing the cryptocurrency, with a total of 205,400 $LTC acquired since June 14. This accumulation is attributed to the impending halving event, which is expected to reduce block rewards from 12.5 $LTC to 6.25 $LTC.
These mid-sized wallet holders collectively own 18.18 million $LTC, valued at approximately $1.7 billion.
⚡️ With #Litecoin's highly anticipated #halving event within arm's reach on Wednesday, key traders holding between $9.5k and $950k worth of $LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a #bullish event by traders. https://t.co/wkpoOrceCS pic.twitter.com/1UrxCdcoGS
— Santiment (@santimentfeed) July 30, 2023
It’s worth noting that cryptocurrency traders generally view halvings as positive events for the market.
The optimistic sentiment surrounding Litecoin has contributed to its price appreciation, with $LTC experiencing a 4.34% gain in the last 24 hours, bringing its value to $95 at the time of writing.
This marks a positive shift from its performance earlier in July when the price dipped below $100. The price surge in June, driven by its listing on the EDX Market as one of four supported cryptocurrencies, was followed by a decline in early July, with the price peaking at $113.
READ MORE: WhaleAlert Reveals Massive Stablecoin Transfers
In light of the impending halving event, $LTC’s price has seen a 3.2% increase in the past five days, rebounding from a low of $89 recorded on July 25.
Moreover, trading volume for $LTC has significantly increased during this period, reaching over $1 billion in the last 24 hours, a nearly 150% surge compared to the $395 million recorded on July 29, according to BeInCrypto data.