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- Litecoin price has gained more than 21 percent YTD to trade around $86 on Wednesday.
- The Litecoin miners have intensified their accumulation process with a total hashrate of about 640.71 (TH/s) and mining difficulty at around 24.34 M.
The Litecoin (LTC) network, a crypto ecosystem with more than 9.17 million holders, has recorded heightened on-chain activity in anticipation of the third halving. The third largest Proof-of-Work (PoW) secured blockchain is expected to experience increased demand both before the halving, scheduled for the first week of August. As a result, Litecoin has recorded increased FOMO traders amid increased whale activity.
Furthermore, Litecoin has amassed more fundamentals over the past decade of existence amid increased cryptocurrency adoption.
With a market capitalization of approximately $6.3 billion, the Litecoin ecosystem reported a daily traded volume of about $586 million on Wednesday.
Litecoin Increased Whale Activity
Following the recent hype surrounding the Litecoin ecosystem and the short-term bullish sentiment, on-chain data shows whales are significantly interested in the coin. Ranked twelve by market capitalization, approximately $3.09 million LTC long trades, amounting to about 97.91 percent were liquidated in the past 24 hours.
According to a recent report by the on-chain platform Santiment, the upcoming halving event has increased the whale’s appetite for Litecoin accumulation. This comes as the price consolidates between $76 and $100.
“Halving events are known for creating some pretty shocking anomalies. And it has been interesting to see separate waves of 500-600 $1M+ daily transactions on the LTC network. And then all of a sudden, the amount drops by 95% for a week,” Santiment noted.
Interestingly, an increase in whale transactions spiked since mid-April and has since been on and off.
Price Prediction
According to a recent YouTube video by an analyst at popular crypto influencer’s channel Bitboy, Brian Armstrong, Litecoin is poised to surge beyond its previous ATH in the next bull market. As a result, the analyst noted that Litecoin is well poised to rally and trade between $500 and $540, thus representing a spike of about 490 percent from current prices.
Welcome to the weekly Price Prediction Department with @Ajwritescrypto! We’re going to be exploring Litecoin. And at the end of this video, I’m going to give you my exact price prediction for Litecoin at the top of the next bull run! https://t.co/fCb5ZopqbK pic.twitter.com/CUzTzGMVRl
— Ben Armstrong (@Bitboy_Crypto) May 23, 2023
Notably, the analyst noted that Litecoin can rally further if the price action follows a projected map. In this regard, the analyst noted that Litecoin could be valued at about $48.28 billion in the November of 2025, which could reciprocate to a price of about $631 per coin. Interestingly, that only represents a 588 percent increment from current prices, which is a bit more conservative since many altcoins could rally even higher.
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Market Outlook
The Litecoin halving coincides with an increased crypto regulatory crackdown in the United States following the collapse of FTX and Alameda research. Nevertheless, other markets including the United Kingdom, India, Europe, Hong Kong, and Japan among others have significantly embraced the crypto market.
As a result, the Litecoin market is well-positioned to record higher volatility in the coming months. Currently, the crypto market is experiencing decreased liquidity supply following the collapse of several crypto-friendly banks in the United States.
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