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- The Litecoin network recently surpassed 170 million on-chain transactions having gained 10 million in seven weeks.
- The Litecoin community is expecting its third halving in early August, which will reduce its block rewards to 6.25 coins.
About two weeks to the third Litecoin (LTC) halving and the miners are scaling their operations to get hold of the readily available coins. As the third largest PoW-secured blockchain, the Litecoin network has in the past few months attracted significant trading volume, especially after the listing announcement on EDX Market, an institutional-grade cryptocurrency exchange announced in the United States market.
According to the latest crypto market data, Litecoin had a market capitalization of about $6.67 billion and a 24-hour traded volume of approximately $492 million.
Litecoin Network Hits New Record Ahead of 3rd Halving
According to on-chain data, the Litecoin network has about 9.6 million holders who have facilitated about 170,379,901 transactions since its inception. Interestingly, nearly 10 million transactions have been added in the past seven weeks, thus suggesting increased demand.
With a total supply of 84 million units, the Litecoin network is well poised to rally further beyond three-digit figures in the future.
The #Litecoin network just processed its 170 millionth transaction! Which means Litecoin is accelerating, adding another 10 million in the last 7 weeks. Well over a million transactions a week. #SaturdayVibes
⚡ $LTC ⚡ pic.twitter.com/BZaFJNMV8o
— Litecoin (@litecoin) July 15, 2023
The Litecoin network has also seen its hash rate spike to about 744.71 (TH/s) in the past few weeks, thus increasing the mining difficulty to about 27.54 (M). The Litecoin mining industry is expected to heighten further in the coming days as miners scramble to get more coins per block.
Speculation on the Litecoin market is expected to increase in the coming days, but some crypto analysts think the halving frenzy could have already been factored in, and the real market effect will be felt 12-18 months after the event.
Price Action
Having been rejected around $115 in the past few weeks, LTC faces more uncertainty ahead of the August halving event. According to a popular crypto analyst Captain Faibik, Litecoin price action could reclaim $100 and reach $120 before the halving event. The analyst argued that a falling symmetrical triangle has been forming in the past few days, which could easily yield a 30 percent spike from currency levels.
C’mon $LTC Bulls, Send it to $120 📈#Crypto #Litecoin pic.twitter.com/b0px3oxSGm
— Captain Faibik (@CryptoFaibik) July 18, 2023
The Litecoin mid-term rally is, however, dependent on the Bitcoin price action. Notably, since little money is entering the cryptocurrency market compared to the bull seasons, experts believe funds will flow from Bitcoin to prospective altcoins if Bitcoin bulls lack a support level of around $30k.
Currently, Bitcoin dominance is steadily holding above 50 percent after scaling to this year’s high of about 52 percent in the past few weeks. A further retrace for Bitcoin dominance is expected to give the altcoin market including Litecoin a chance to rally in the coming months before the top coin regains the bullish outlook.
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