Litecoin: Is upcoming halving causing the bull run?
- LTC was the only asset in the top 10 to clock double digit growth in the last seven days.
- LTC had a fruitful second quarter of 2023 as far as network adoption was concerned.
Proof-of-work (PoW) network Litecoin [LTC] has been building strong momentum as its widely anticipated halving event is just round the corner. The “silver to Bitcoin’s gold” was the top gainer in the last 24 hours among assets, with a market valuation of more than $2 billion.
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At the time of writing, LTC exchanged hands at $107.23, representing an impressive jump of 12.95%, according to CoinMarketCap.
However, the rise didn’t come out of the blue. The token has been growing steadily over the past week. In fact, it was the only asset in the top 10 to clock double digit growth in the last seven days.
As market activity skyrocketed, the buzz on social circles also heightened. According to social analytics platform LunarCrush, Litecoin rose to become the numero uno coin in AltRank.
The AltRank metric tracks the social activity and price performance of an altcoin versus Bitcoin [BTC].
LTC on a tear
Litecoin had a fruitful second quarter of 2023 as far as network adoption was concerned. According to on-chain analytics company IntoTheBlock, the network processed over half a million daily transactions for the first time in Q2 2023.
This after users who were bogged down by rising transaction fees on Bitcoin chose to shift towards less expensive alternatives.
Infact, during the first half of May, Litecoin’s tranasction count was on par with Bitcoin’s daily tally. The number of LTC’s active addresses also reached all-time highs around the same time period.
Litecoin network becomes more secured
The increased network traffic also led to an uptick in the coin’s hash rate. According to Coinwarz, the hash rate hit an all-time high of 816.9 TH/s last week, and has been on a steady uptrend over the past two months.
A growing hash rate indicated that miners had to invest in more computational power to validate blocks, thus making the network more secure and decentralized.
How much are 1,10,100 LTCs worth today?
LTC has largely been unfazed by the increasing regulatory hostilities in the crypto space, which have destroyed top altcoins in its path. Its repeated absence from the list of assets deemed as securities has helped in pushing its image as a dependable decentralized asset.
Moreover, its upcoming halving event acted as a major catalyst in pushing up its demand. Historically, LTC prices have soared both before and in the aftermath of the halving.