Litecoin Roars: Price Surge and Historic Breakout
Litecoin's (LTC) value is experiencing an upward trend after an eventful second quarter, as crypto analytics company IntoTheBlock reported.
Currently, LTC is trading at $112, showcasing a growth of over 28% within the past 7 days.
As the ninth most valuable cryptocurrency based on market capitalization, LTC has witnessed an increase of more than 50% since the beginning of this year.
IntoTheBlock highlights that the peer-to-peer payment network nearly matched the daily transaction volume of Bitcoin (BTC) throughout the entire month of May. Moreover, during this quarter, it processed over 500,000 daily transactions, surpassing previous records.
Quarterly Update: #Litecoin had an exciting quarter. The network processed over half a million daily transactions for the first time this quarter and came close to the number of daily Bitcoin transactions for the entire month of May. #LTC pic.twitter.com/CwUVl4GUZn
— IntoTheBlock (@intotheblock) June 30, 2023
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The impressive performance of Litecoin during this quarter aligns with the approach of its halving, a scheduled event that occurs every four years. During the halving, the block reward for mining LTC is halved, effectively reducing the supply of Litecoin and potentially driving up its price.
According to litecoinblockhalf.com, the upcoming halving is currently projected to take place on August 2nd, although this date is subject to change.
Meanwhile, prominent trader Peter Brandt announced that Litecoin has successfully surpassed a significant resistance level. This breakthrough comes after LTC had been trading within a narrow range for the majority of the year, following its substantial surge in the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
