With Litecoin's halving event just a few weeks away, a spike in investors' profitability hints at a looming decline in LTC's value.
, this metric peaked at 36.25% on 2 July, after which it trended downwards. At press time, it was positioned at 26.38%.
An on-chain assessment of the altcoin’s Network Profit/Loss metric confirmed this. This metric tracks the average profit or loss of all coins that change addresses daily to capture periods of profit-taking or holder capitulation on-chain. According to data from Santiment, LTC’s NPL dropped to -44.04 million on 30 June, after which the alt’s price began to climb. Still on an upward momentum , the impact of LTC’s ‘smart money’ activity remained visible.Another important metric to note here is the Age consumed metric. LTC saw its Age Consumed unexpectedly spike to 438.91 million on 30 June.
This indicated a significant movement of idle LTC coins to new addresses, signaling a notable change in behavior among long-term holders.It is trite that long-term holders of an asset are not predisposed to randomly transferring their holdings to new addresses. Therefore, a renewed activity of dormant coins is often associated with significant market conditions shifts and marks a local price bottom.
Following the LTC’s Age Consumed spike, its price surged, indicating that a new bull cycle was introduced ahead of the halving event.
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