Interest in Litecoin in Futures Market Has Been Weakening Since Mid-April
Open interest in Litecoin (LTC) futures was close to a record-breaking $410 million in April as the altcoin traded above $102 for the first time since February 2023.
However, demand for the asset decreased in May, with open interest falling to $349 million.
The majority of contracts were concentrated on Binance, OKX and ByBit exchanges, accounting for $153.77 million, $102.96 million and $59.97 million, respectively.
On Tuesday, May 2, the LTC rate dropped to $86.65, unable to breach the $89-$90 resistance level. If the digital currency fails to hold above $80, it could fall to $65.39.
Nevertheless, experts anticipate that with the August halving approaching, the bulls will likely try to push it over the $100 mark.
Before the halving, the cryptocurrency usually surged between 80% and 110%, yet after the event, its value fell due to decreased miner rewards of 6.25 LTC instead of 12.5 LTC.
