Litecoin is expected to halve its mining rewards for the third time in early August, after which the per-block reward paid to miners will be reduced by 50% to 6.25 LTC from 12.5 LTC. As a result, the 12th largest crypto asset by market value has made some big gains recently, pushing its price to $92.58.
Several on-chain indices have also turned positive.
NETWORK ACTIVITIES OF LITECOIN
Data from IntoTheBlock shows that Litecoin has had a strong month. Since the end of April, the total number of addresses with balances has increased “strongly”. There are now 8.5 million LTC addresses with balances as of last week.
Both the number of new and active addresses are near an all-time high set in February of this year.
Crypto analytics platform, Santiment recently stated that if the uptrend in on-chain volume continues, it will be a strong sign that some of the major players are starting to get involved in large sums of money. invest their LTC in anticipation of the halving.
The Litecoin halving scheduled for August 10 will be an important event for the Litecoin network. Most experts expect this event to have a positive impact on the price of Litecoin and we also believe in this.
Litecoin’s hash rate is also consistent. After a few slight drops, blockchain-specific processing power has increased by more than 24% from 573 TH/s at the beginning of the year to its current value of 712 TH/s. Closely following the hash rate is the mining difficulty at 25.12 million hashes.
OI FOR LITECOIN FUTURE CONTRACT UP
The upcoming halving event has also affected Litecoin futures derivatives contracts, which have skyrocketed by more than $420 million globally — resulting in more than 20% year-over-year growth, according to data compiled by Coinglass .
As a result, Litecoin Futures open interest has risen to its highest level since the beginning of last year. Open interest refers to the number of derivative contracts in circulation