Litecoin (LTC) Reaches Major Milestone as This Metric's Value Spikes
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According to on-chain data aggregator IntoTheBlock, an early cryptocurrency,L that was launched after Bitcoin by Charlie Lee, Litecoin (LTC), has been enjoying a strong month of May. The LTC network reached a big milestone compared to a month ago.
Litecoin addresses with balances skyrocket
A tweet published earlier today indicates that the total number of LTC wallets that actually contain crypto and do not stand empty has jumped since the end of last month. Now, the analytics team of IntoTheBlock tweeted, the number of wallets with LTC balances has surged close to the 8.5 million level.
On March 30, per data shared back then by the source, the network saw 7.09 million LTC wallets with a balance – that was an all-time high at that time. The tweet on that day added that the LTC wallet count easily surpasses such cryptocurrencies as ADA, DOGE and MATIC, as LTC is the most used cryptocurrency for payments among these four.
Litecoin had a strong month. Total addresses with a balance has increased more intensely since the end of April and we now observe nearly 8.5 million LTC addresses with a balance!#Litecoin https://t.co/beYBnYLzm8 pic.twitter.com/seMsdiJEup
— IntoTheBlock (@intotheblock) May 30, 2023
Gamza KhanzadaevLTC halving approaches, LTC sees big funds inflow
A week ago, Glassnode noticed a spike in active addresses on the LTC network, interacting as senders or receivers. According to IntoTheBlock, this year has been successful for LTC overall, as the community expects the halving in August.
Litecoin's hash rate jumped by 25%, and nearly four million wallets have been storing LTC for longer than one year. Besides, according to a recent report by CoinShares, Litecoin-based investment products saw an inflow of $500,000 last week and $800,000 on a month-to-date basis.
The LTC halving event is less than two months away now, and as history demonstrates, the price of a cryptocurrency after a halving may go up significantly.
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