There is growing speculation that Litecoin (LTC), one of the legacy proof-of-work (PoW) protocols, will lead the market rally in the coming week per its forthcoming halving event. The halving, slated to hold Aug. 2, has been driving massive hype in the Litecoin community with a visible upside on the price of the asset.
Many industry stakeholders have been pricing in the forthcoming halving event with consistent accumulation being recorded throughout this week. Whales appear to be largely unrelenting in their accumulation moves following an insight shared by on-chain analyst @ali_charts earlier this week.
#Litecoin whales have bought over 590,000 $LTC in the last 48 hours, worth around $59 million! pic.twitter.com/RtHpuzSkFt
— Ali (@ali_charts) July 18, 2023
At the time of writing, the buying metrics remain bullish with the 24-hour trading volume up by 14.96% to hit a daily record of over 527 million traded overnight. While this massive trading volume is coming at a time when Bitcoin (BTC) is driving many altcoins into the consolidation region, Litecoin has maintained a positive growth outlook with a 1.68% surge to $93.78.
The halving is deemed to mark a series of impressive significance for Litecoin and the broader community. This significance is best embodied in the scarcity through the slash of block rewards that will be given to miners. If matched with the right demands, this can also help drive the price of the cryptocurrency to a new high.
Precursor for Bitcoin's halving
The forthcoming Litecoin halving event is also highly significant as it will help gauge interest for that of Bitcoin, which is scheduled to take place next year in April. These halving events occur approximately every four years, and if the price impact of Litecoin's next halving is robust, we may be able to draw clearer inferences for Bitcoin.
At the moment, a number of predictions are being shared, which feature the possibility of Bitcoin hitting a high of at least $100,000 following its next halving event.
Tomiwabold Olajide
Yuri Molchan
