- Litecoin (LTC), an early cryptocurrency, has achieved a significant milestone in May, seeing a surge in the total number of LTC wallets containing crypto.
- With the LTC halving event less than two months away, the cryptocurrency has seen a significant inflow of funds and a 25% jump in its hash rate.
Litecoin Wallets with Balances Experience a Significant Increase
Litecoin (LTC), often referred to as digital silver, has been celebrating a remarkable milestone this May, as revealed by on-chain data aggregator IntoTheBlock. There has been a significant increase in the total number of LTC wallets that hold Litecoin compared to the previous month.
Litecoin had a strong month. Total addresses with a balance has increased more intensely since the end of April and we now observe nearly 8.5 million LTC addresses with a balance!#Litecoin https://t.co/beYBnYLzm8 pic.twitter.com/seMsdiJEup
— IntoTheBlock (@intotheblock) May 30, 2023
An earlier tweet indicates that the sum of LTC wallets holding cryptocurrency, rather than standing idle, has seen a dramatic rise since the end of last month. According to the IntoTheBlock analytics team, the number of wallets with LTC balances has approached the 8.5 million mark.
On March 30, the data reported showed 7.09 million LTC wallets with a balance, marking an all-time high for that period. It was highlighted that the LTC wallet count easily surpassed other cryptocurrencies like ADA, DOGE, and MATIC, underlining LTC’s prominent role as the most used cryptocurrency for payments among these four.
The Imminent LTC Halving Event Attracts Large Fund Inflows
Glassnode reported a spike in active addresses on the LTC network, either as senders or receivers, a week ago. The year has been generally prosperous for LTC, according to IntoTheBlock, as the community anticipates the halving event in August.
The hash rate of Litecoin increased by 25%, and nearly four million wallets have held LTC for more than one year. In addition, CoinShares’ recent report states that Litecoin-based investment products saw an inflow of $500,000 last week and $800,000 on a month-to-date basis.
With the LTC halving event less than two months away, it’s noteworthy to recall that historical trends often show a significant rise in the price of a cryptocurrency following a halving event. This possibility has attracted the attention of both existing and new investors, contributing to the substantial inflow of funds to Litecoin and reinforcing its robust position in the crypto market.