Litecoin is one of the oldest cryptocurrencies, and one of its characteristics is the halving event that happens in the ecosystem occasionally. This time around, Litecoin will be celebrating it with smiles as they witness rapid network growth just before its next halving event in August 2023.
Things haven't looked good for the longest time in the Litecoin ecosystem. After experiencing long months of volatile runs, the crypto ecosystem is finally witnessing a spike in the number of new addresses registering on the platform.
According to IntoTheBlock data, the daily active addresses and new addresses on the Litecoin blockchain have returned to an upward trajectory when the weekly data is compared. The active and new addresses have witnessed a 7-day increase of 28% and 54.6%, respectively.
Within the past few days, Litecoin has been doing wonders in its ecosystem. Just a few days before this new record, the number of Litecoin addresses chart surpassed a milestone of 200.7 million, surpassing Ethereum’s (ETH) 181 million. This data was provided by the on-chain market intelligence platform Glassnode on June 17th.
Many Factors Contributing to Litecoin Address Spike
Numerous factors are driving the surge in address registration on the Litecoin blockchain. The primary factor is the renewed interest of individuals in the crypto industry, despite the challenges faced by top establishments. Fortunately, the Litecoin ecosystem is one of the cryptocurrencies that investors and traders find appealing. As a result, more enthusiasts are registering on the blockchain to trade its tokens.
Another event contributing to the recent success of Litecoin was when the cryptocurrency overthrew Bitcoin in the number of new addresses per day, according to on-chain sleuth and LTC proponent Shan Belew. This led to heightened interest, with many investors tilting toward the token. Litecoin price predictions were also optimistic, as analysts said the crypto is poised to gain more value in the market.
Ultimately, the primary factor driving the new growth in the Litecoin ecosystem lies in the new halving coming up within the next few months. The next halving on the blockchain will happen on the 3rd of August, 2023.
To begin with, halving refers to the reduction of the reward rate for miners who earn LTC. This event occurs every four years, and it divides the mining rate in half. The upcoming halving, scheduled for August 3, will decrease the current block reward of 12.5 LTC to 6.25 LTC. Even after the next halving, it is expected that Litecoin will have some positive price changes.
Litecoin Price Updates
While Litecoin has a positive outlook with the registration of addresses, it is a whole new perceptive with price updates. Within the past 24 hours, Litecoin has been in the negative at $76. When the 7-day price chart is reviewed, it has also decreased by more than 1%. Over the past month, the price chart isn't good, as it has been down by more than 16%.
Considering its current market price, Litecoin's support zone is at $65. At this range, anything can happen. If it moves above this support level, there will be a lot of positive changes in Litecoin's price. On the other hand, if it moves below this level, hell could break the loss. But from Litecoin price predictions, it is more likely to be favorable than negative.