Key On-Chain Metrics on the Rise for Litecoin; LTC Halving Date Is Around The Corner

It has been revealed that Litecoin is about to rise in price just ahead of the halving that’s coming fast. Check out the latest reports about this below.

In the last week, the crypto analytics company IntoTheBlock reported a notable uptick in key on-chain metrics for Litecoin (LTC), the peer-to-peer payments network.

Specifically, there was a 28% rise in daily active addresses and a 54.6% surge in new addresses.

“Active addresses & new addresses are back on the rise for Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!”

As Litecoin’s halving approaches later this summer, there has been a surge in activity within the project. This event occurs every four years, where the block reward for mining LTC is halved, reducing its supply and potentially leading to a price increase.

The halving is currently projected to take place on August 2nd, as noted by Litecoinblockhalf.com, although this date is subject to change.

As of now, LTC is trading at $80.28, having gone up by almost 4% in the past 24 hours. Despite its price dropping by almost 13% in the past month, Litecoin remains up by more than 14% since the beginning of 2023, and is currently ranked 12th based on its market cap.

Regarding the larger crypto market, IntoTheBlock noted the fact that the Nasdaq 100 index (NDX) has outperformed the majority of the top 10 digital assets this year.

“In 2023, the crypto market started strong, but the Nasdaq has now caught up, outperforming 6 of the top 10 crypto assets. [Year to date], only BTC and SOL have significantly outperformed the Nasdaq.”

According to a respected crypto strategist, Litecoin (LTC) and Ethereum (ETH) are poised to initiate breakout rallies.

During a recent strategy session, Michaël van de Poppe suggested that Litecoin’s upcoming halving event may lead to a surge in the peer-to-peer payments network, possibly reaching a level not seen since December 2021.

As per the crypto strategist, LTC is just one resistance area away from experiencing a significant surge in its price.

“Litecoin is doing absolutely great, too. It is on the edge of having a breakout…

I think the halving is going to take place in (August), which means that we still have six to eight weeks before it takes place. I think having a very strong rally is definitely likely if it breaks through $100.”