The Litecoin (LTC) price has gained 8% over the past month. On-chain data suggests that a network-wide accumulation wave among Litecoin miners has been pivotal to the ongoing rally. Will LTC break past $100 in the coming days?
Litecoin’s next halving event is now less than two months away. After spending the better part of May offloading their bags, LTC miners seem to have switched to accumulation mode in June 2023.
With crypto whales also joining in on the accumulation wave, what are the chances that LTC price will reclaim $100?
Litecoin Miners are Stacking their Bags Ahead of Halving Event
In concise terms, a Halving Event in crypto refers to a programmed reduction in the rate at which new cryptocurrency units are created, i.e., awarded to miners. It typically occurs at predetermined intervals as a fundamental part of the cryptocurrency’s inflation control.
In anticipation of their block rewards being cut in half in August, miners on the Litecoin network have already started to stack up their reserves. IntoTheBlock’s Miner Reserves data renders real-time balances of crypto wallets associated with recognized miners.
The chart below shows how they have increased their reserves by 160,000 between May 31 and June 7.
Go to Source to See Full Article
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
