KANALCOIN NEWS – Whale or deep-pocketed investors are starting to see a new moon in the LiteCoin market. Giving hope as well as speculation regarding the upcoming halving. The halving that has been synonymous with Bitcoin has also appeared on the LiteCoin market. It was this much anticipated halving moment that triggered the whales to appear on the surface.
Towards the LiteCoin Halving
The LiteCoin halving is just 3 weeks away. Market participants will be eager to see how the whales affect the market in the next few weeks. In simple terms, what is called a halving is reducing the reward obtained by miners who successfully add new blocks to the blockchain by half. The goal is to maintain the scarcity of crypto assets such as Bitcoin or LiteCoin.
In simple terms, what is called a halving is reducing the reward obtained by miners who successfully add new blocks to the blockchain by half. The goal is to maintain the scarcity of crypto assets such as Bitcoin or LiteCoin.
With the halving, the number of new LiteCoin that enters the Blockchain network remains limited causing its value to continue to rise. And the position of the whale will affect the sentiment or market prices. Either positively or negatively affected.
On the positive side, the activities of deep-pocketed market participants will impact a stable trading environment, reduce volatility and increase liquidity.
Bulk purchases will push up prices. And encourage market players to choose LiteCoin even more. Thus benefiting the previous LiteCoin owner.
Today’s LTC price has increased 14% in the last 7 days. It is at US$96.93 today. This figure is due to the accumulation of LTC holders with deep pockets. Especially in the last five months. There are about 32 account addresses holding more than 10,000 LTC.
Another reason why LTC has increased in price is due to speculators leaving LTC trades. Then it was replaced by long-term investors who were able to make this coin increase 20% from the price of US $ 85.
The appearance of whales just before the halving is common. Apart from triggering price increases, the emergence of whales was also able to gather a number of previous crypto owners.
The appearance of this whale can be seen from several indicators. One of them is the activity of coin owners with a sizeable increase in the last few months. In the last five months, 32 addresses have appeared holding 10,000 LTC or more.
LTC Rising Achievements
Last June LiteCoin was able to compete with many other coins, including bitcoin. The high operational costs of Bitcoin make some market players switch to LiteCoin.
As Coinotag reports, data from BitPay shows Litecoin’s rise in global payments by 34.9 percent in June. It outperforms Bitcoin by 34.06 percent.
Charlie Lee, Creator of Litecoin, said he was proud and excited about the achievements LiteCoin has made. Increasing preference for payments using Litecoin via BitPay.
“Personally, I didn’t expect this day to come, but it did. Litecoin payments through BitPay even surpass Bitcoin,” Lee explained.