Traders Accumulate Litecoin Ahead of LTC’s Halving Event

An analytics firm has reported that a specific group of cryptocurrency traders are quickly gathering Litecoin (LTC), a peer-to-peer payment network, in anticipation of its upcoming halving event.

Santiment has revealed that since June 14th, Litecoin dolphins and sharks have accumulated 205,400 LTC, valued at almost $19 million.

The analytics company has stated that mid-tier holders are acquiring LTC as the altcoin approaches its halving event scheduled for August 2nd.

The firm has noted that key traders possessing between $9,500 and $950,000 worth of LTC are aggressively gathering the cryptocurrency due to the highly anticipated halving event.

Traders view the halving of the coin as a bullish event, similar to most coin halvings.

Although LTC dolphins and sharks are showing bullish behavior towards the 12th-largest cryptocurrency, some closely followed crypto strategists do not share their optimism.

Pseudonymous analyst DonAlt, who has accurately predicted LTC rallies throughout the year, believes that the halving may result in a sell-on-news event based on historical data.

DonAlt previously shared a chart indicating the impact of LTC halvings and expressed that while he had promoted the cryptocurrency in the past, he no longer does so due to the halving no longer being a bull catalyst.

He notes that many people only bought LTC in anticipation of the halving, which is now proving to be a drag on its growth.

There are reports that a prominent crypto analyst has a negative outlook on LTC. You can read the latest updates on the digital asset’s price below.

According to a well-known crypto strategist, Litecoin’s pre-halving surge may have already reached its highest point.

The analyst, who goes by the name Kaleo on Twitter and has a following of 593,200, suggests that the peer-to-peer payments network could be following a pattern similar to its price movement in the latter half of 2021, when it saw a 187% increase before entering a bear market that lasted for several months.