Litecoin ($LTC) network has experienced a significant surge. Often compared to silver in relation to Bitcoin’s gold, Litecoin is gearing up for its third halving event.
Litecoin Halving 2023
During this event, the per-block reward will be reduced from the current 12.5 Litecoin (LTC) to only 6.25 LTC. Based on historical trends, this reduction is expected to stimulate increased demand, potentially leading to a surge in price.
According to leading blockchain analytics firm IntoTheBlock, data reveals that Litecoin’s network activity has been strong. The total number of Litecoin addresses holding a balance has experienced a significant increase since the end of April, reaching almost 8.5 million.
The halving event is also making its presence felt in Litecoin’s derivatives market. As reported by CryptoGlobe, the open interest of LTC futures derivative contracts has surpassed $420 million, showing an impressive growth of 22% since the beginning of the year.
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