Litecoin futures open interest nears $350 million

The rally of Litecoin (LTC) in the spot market provoked a sharp increase in turnover on the futures platforms.

Open interest in LTC futures reached its highest level since the beginning of March, approaching $350 million, according to CoinGlass data.

Binance, OKX, and ByBit have the largest number of contracts deployed, amounting to $170.18 million, $93.07 million, and $58.17 million, respectively.

The spot price of Litecoin has jumped about 12% in the last 24 hours. Trading volume soared 172%.

The LTC rate on Friday is above $92. Cryptocurrency capitalization increased to $6.7 billion over the week.

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Analysts at Nasdaq believe that Litecoin is gaining in value amid the partnership between the developers of this digital currency and the payment giant MasterCard.

Experts consider the approaching halving, which should take place in early August 2023, another factor fueling investor interest in LTC.

The reward for miners for mining a block will be reduced from 12.5 LTC to 6.25 LTC.

The supply of the asset on the market after the August halving will decrease, which should have a positive impact on its value, according to an article by Nasdaq analysts.