- After an increase, the LTC hashrate started to drop.
- LTC fell more than 8% in the past seven days and the trend could continue.
All eyes were focused Litecoin [LTC] on August 2 when it completed its halving process. The third edition of the LTC halving occurred when the network reached a block height of 2,520,000, reducing miner rewards from 12.5 LTC to 6.25 LTC.
Read Litecoins [LTC] Price prediction 2023-24
Even though this was a big development. Litecoin price had no positive reaction. It was also interesting to note that after a brief increase, the blockchain hashrate also plummeted.
The Litecoin halving and the aftermath
Litecoin’s previous halving took place in 2019, and the next one is scheduled for 2027. Thanks to the latest halving, the blockchain’s social stats have skyrocketed. In particular, Litecoin’s social dominance increased. Positive sentiment around the currency also registered an uptick.
Source: Sentiment
Coinwarz’ graphic revealed that LTC’s hashrate also skyrocketed during the event. However, the upward trend was short-lived as the chart later fell. At the time of this publication, Litecoin had a hash rate of 749.69 TH/s.
It was interesting to see that despite a drop in hashrate, LTCs mining difficulty up After falling, miners’ fees also gained upward momentum, which looked optimistic for the mining industry.
Source: Glassnode
Litecoin network activity also remained flat, as shown by Santiment’s chart. The blockchain’s daily active addresses remained high. The altcoinThe number of transactions had also increased, indicating increased usage.
However, the daily on-chain trade volume in profits fell slightly, which can be attributed to the bearish price action.
Source: Sentiment
Investors seem dissatisfied
The halving did not positively affect the coin’s price action as it remained under bear influence. According to CoinMarketCap, LTC fell more than 5% and 8% in the past 24 hours and last week, respectively. At the time of writing, it was trading at $83.06 with a market cap of over $6 billion.
Mint glass facts revealed that the declining price trend could continue as LTC’s open interest was high. Shan Belew, a popular crypto influencer, pointed out in a tweet that LTC’s price action mimicked its 2015-17 trajectory.
Litecoin price action is similar to 2015-2017. The gray cloud is the network value model. The fair value of Litecoin based on this today is $1456.
Expect this to rise until the next bull market in 2025. Meanwhile collect, spend and replace, and tell a friend about Litecoin if… pic.twitter.com/sQUVVkZDJc
— Shan Belew Ⓜ️???? (@MASTERBTCLTC) August 3, 2023
How many Worth 1,10,100 LTCs today?
Looking at history, the press market condition is a great opportunity for accumulation. Interestingly, an accumulation trend was observed at addresses with 0-10 LTCas shown by the increase in the graph.
However, the big players didn’t seem to increase their positions as their charts remained relatively flat.
Source: Sentiment