“How will Bitcoin’s halving affect the Litecoin network? Analysis and forecasts”
The Impact of the Upcoming Bitcoin Halving on the Litecoin Network
Blockchain data indicates a rise in new users joining the Litecoin (LTC) network ahead of the upcoming Bitcoin halving, an event likely to bring significant price changes for projects based on Proof-of-Work.
Increase in Active Litecoin Wallets
Santiment data shows that the active wallets of Litecoin holders have increased from 7.92 million to 8.01 million between February 29 and March 25, marking a growth of 90,000 addresses. Alongside confirming the rise of new users, the surge in funded wallets hints at a flow of fresh financial resources into the Litecoin ecosystem.
Potential Miner Shifts Post-Halving
Experts speculate that cryptocurrency miners may switch to other Proof-of-Work networks after Bitcoin’s April halving, which will halve the rewards for BTC mining. Therefore, strategic market players are joining alternative PoW projects like Litecoin, anticipating that the upcoming Bitcoin halving will boost LTC prices and positively impact the blockchain.
Price Action and Forecasts
Currently, the price of Litecoin stands at $89.74, showing a 3.51% gain over the last 24 hours. Litecoin has maintained dynamic growth since March 20, gaining 4.92% over the past seven days. The influx of funded wallets ahead of the Bitcoin halving could support a steady price increase, breaking significant resistance at the $95 level. Such developments could drive LTC towards $100 in the coming days.
