Only 15 days remain until the upcoming halving of Litecoin (LTC), which will have a broader impact on the Blockchain. Weeks ago, the blockchain reached a milestone in terms of the number of processed transactions. However, due to not being able to benefit from the recent bull market, it has not been a favorable period for LTC investors.
Furthermore, while multiple cryptocurrencies have recorded double-digit growth, LTC has witnessed a decrease in value. Will the excitement regarding the halving of LTC show its impact on the altcoin’s price chart in the coming weeks?
The halving of LTC is set to take place in 15 days and 22 hours from the time of writing. According to Nicehash, the estimated date for Litecoin’s halving is expected to be on August 1, 2023. As the halving date approaches, Litecoin announced in a tweet that it has processed its 170 millionth transaction on the blockchain, reflecting the increasing network usage. The company stated:
The Litecoin network just completed its 170 millionth transaction! This means Litecoin has added 10 million more in the past 7 weeks, over a million transactions per week.
According to the tweet, the update could mean that Litecoin has added 10 million more in the past 7 weeks. However, all these updates have not helped to increase the cryptocurrency’s price. While most cryptocurrencies were rising last week, LTC was unable to benefit from the bull market.
According to CoinMarketCap, LTC has experienced a decrease of over 2% in the past seven days. At the time of writing, it was trading at $94.91 with a market capitalization of over $6.9 billion. Following a rise, LTC’s MVRV Ratio sharply declined, which may have played a role in preventing the altcoin’s price from rising. The open interest of Litecoin started to increase when its price was moving horizontally since July 15. This indicates that the current stagnant price movement may continue. However, the velocity remains high, which may indicate that LTC is being used more frequently in transactions within a specific time frame.