07-05-2023, 05:12 AM
#1
  • Litecoin’s upcoming halving: 13% of LTC supply held unmoved for five years, IntoTheBlock report reveals.
  • IntoTheBlock data shows 13% of Litecoin (LTC) supply dormant ahead of halving event.
  • Litecoin halving approaches: insights from IntoTheBlock on 13% of LTC supply held for five years.

IntoTheBlock, an on-chain data vendor, recently shared intriguing information about Litecoin (LTC), often referred to as “digital silver.” According to their findings, leading up to the upcoming halving event, a portion of Litecoin wallets has held approximately 13% of the circulating LTC supply without any movement for a span of five years.

Analysts at IntoTheBlock suggest that this could be attributed to an unwavering confidence in the cryptocurrency or potentially lost LTC coins.

Did you know that almost 13% of all @litecoin in circulation hasn't moved in over 5 years? To put that into perspective, the average holding time of $LTC is 2.1 years. What do you think: Unwavering confidence or lost coins?

Dive Deeper:📖https://t.co/DPNKnok91M pic.twitter.com/7cvYFkG5yl

— IntoTheBlock (@intotheblock) July 4, 2023

Litecoin halving to occur in August

The LTC halving is scheduled for August 2nd this year, where the block reward will be reduced from the current 12.5 LTC to 6.25 LTC. A similar halving event recently occurred for the anonymous cryptocurrency DASH. Bitcoin is also anticipating a halving event next year in April-May, as programmed by its creators.

Halvings serve to maintain deflationary characteristics in proof-of-work cryptocurrencies by reducing the number of coins entering the market every four years, which can potentially impact the price. Notably, LTC has observed a surge in hashrate recently, and preceding the upcoming halving, there has been a significant increase in active LTC wallets. Additionally, the number of LTC addresses holding 0.001 LTC has experienced rapid growth.

Source Link :
thenewscrypto.com