For the reason that finish of March, LTC miners have been accumulating their block rewards somewhat that flood the markets. The chart above exhibits how the Litecoin miners have added over 20,000 LTC to their reserves between March 31 and April 8, bringing their whole balances to 1.78 million LTC.
Valued on the present costs, the 20,000 LTC collected in April 2024 to this point are price roughly $20.7 million.
When miners maintain their block rewards as an alternative of promoting them, strategic traders see it as a bullish sign for 2 primary causes.
Firstly, miner accumulation typically signifies their confidence sooner or later appreciation of the asset.
Secondly, by holding onto their rewards, miners are successfully decreasing the short-term market provide of LTC, which may intensify the upward strain in periods of rising demand.
LTC Value Forecast: $120 Goal in Agency Focus
Litecoin worth appears set to proceed on its present uptrend in the direction of $120 within the days forward, particularly if the miners add to their $20.7 million reserve accumulation.
However to validate this bullish worth forecast, Litecoin bull should first scale in preliminary resistance on the $114 vary.
