- Litecoin [LTC] is creating a buzz as its halving event draws near. According to on-chain analytics firm IntoTheBlock, search trends for Litecoin hit a yearly high, indicating strong interest both outside and inside the crypto sphere.
- Whales are stacking their portfolios with LTC. As seen generally in financial markets, a positive buzz encourages accumulation activities and results in investors scurrying to acquire the asset.
- Halving event might not necessarily be a significant driver of price movement. The impact of halving might be realized only after it takes effect, as miners will start disposing tokens on the market post-halving.
Altcoin Buzz around Litecoin Rises As Halving Draws Near
Proof-of-work (PoW) network Litecoin [LTC] has been creating a lot of buzz as its widely anticipated halving event is less than three weeks away. According to on-chain analytics firm IntoTheBlock, search trends for “Digital Silver” hit a yearly high as of 12 July, indicating strong interest both outside and inside the crypto sphere. LTC was one of the top gainers in the last 24 hours, breaching through the $100 ceiling. After locking in sufficient gains, whales started to stack their portfolios with LTC.
Importance Of Halving
The anticipation coincides with a quadrennial occurrence that sees miners’ block rewards cut in half, hence lowering the number of tokens in circulation. Based on the fundamentals of scarcity economics, they say that value of LTC will increase as tokens become scarcer. It could then be utilized as a potential inflation hedge in the future.