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On-chain stats show a surge in new users joining the Litecoin (LTC) network ahead of the imminent Bitcoin halving, an event poised to trigger significant price actions for proof-of-work projects.
Santiment’s data shows active Litecoin holder wallets surged from 7.92 million to 8.01 million between 29 February and 25 March, reflecting an astounding 90,000 address increase.
Besides confirming an uptick in new users, the funded wallet influx indicates fresh cash entering the Litecoin ecosystem.
Bitcoin halving effect
Experts speculated that crypto miners will jump to other proof-of-work networks after the April halving. The event will reduce BTC mining rewards by half.
Thus, strategic market players are joining PoW alternatives such as Litecoin, expecting the upcoming Bitcoin halving to propel LTC prices and positively impact the blockchain.
Litecoin’s current price action
The alt changed hands at $89.74 at press time, up 3.51% in the past day. Litecoin maintained upside momentum since the 20 March reversal and gained 4.92% over the last seven days.
The influx of funded wallets ahead of Bitcoin halving could support stable price surges to overcome the notable resistance at $95. Such developments would propel LTC towards the $100 in the coming days.
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