Litecoin Achieves Milestones as Halving Event Inches Closer

May 29, 2023 Blockgates Cryptocurrency News Comments Off on Litecoin Achieves Milestones as Halving Event Inches Closer

Sourec: Wit Olszweski | Shutterstock

  • Open interest for Litecoin’s futures derivatives contracts has surged past a staggering $420 million. 
  • Data from Glassnode reveals that Litecoin addresses have surpassed those of Bitcoin. 

Litecoin (LTC), a long-standing altcoin related to Bitcoin is preparing for yet another halving. Market players are convinced that the asset will benefit investors and traders, with demand for Litecoin predicted to surge to unprecedented levels.

Validating investors’ sentiments is a new bullish development that has taken the Litecoin community by storm. According to a recent development, Litecoin (LTC) has seen a significant spike in Open interest for futures derivative contracts.

Data from Coinglass, a cryptocurrency derivative data analysis platform revealed that Litecoin’s futures derivatives contracts have surged by more than $420 million globally. As this resulted in year-to-date growth surging past 20 percent.

Open interest is referred to as the number of future contracts that market players hold at the end of each trading day. Open interest is often cited as an indicator that helps market players to predict the current market sentiment as well as the strength behind emerging price trends.

Futures are derivatives financial contracts that require a buyer or a seller to either buy or sell an asset at a predetermined date and price point in the future. In the crypto market, futures contracts allow investors and traders to predict the price of a crypto asset.

Litecoin (LTC) primed to surpass $100

The new development marks a significant milestone for the entire Litecoin ecosystem, as data from Coinglass reveals that this is the highest demand for LTC futures that have been recorded since January 2022.

The new milestone can also be credited to the upcoming Litecoin halving, which many believe could trigger a bullish rally for the asset in the long term. According to announcements made by the Litecoin team, the halving is scheduled to commence on the 10th of August on block number 2,140,000.

Meanwhile, Litecoin’s price seems to be picking momentum, following its recent dip. The asset is currently trading at a price of $91.53, as gains over the last 24 hours have crossed 2 percent. The asset could very easily surpass $100 in the long term if Litecoin Bulls can sustain momentum.

Notably, new addresses being created on the Litecoin network are surpassing new Bitcoin addresses. Data from Glassnode showed that LTC addresses are sitting at 493,299, while BTC addresses totaling 385,396.

Market participants are expecting Litecoin to cross the $100 price mark after the halving commences, as they predict that the event will usher in new players.

The LTC halving narrative should start picking soon enough! And like I said before If history is to Repeat. Litecoin halving run up is going to End about a Month before the Halving… So I will be looking for LTC to put in its Top End Of June. Let’s see.

 

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