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Litecoin (LTC): Halving Event Sparks Investor Interest

Litecoin (LTC): Halving Event Sparks Investor Interest

Litecoin (LTC), a decentralized peer-to-peer payment network, is displaying strong performance in the digital asset markets as it approaches its anticipated halving event.

Based on on-chain data from BitInfoCharts, the number of daily transactions on the Litecoin network has surged by nearly five times since the beginning of May.

As the transaction activity on Litecoin rises, the price of LTC has also experienced a corresponding increase. At the time of writing, LTC is up by 13% over the past seven days, whereas most other cryptocurrencies are either trading sideways or in decline.

This surge in Litecoin’s activity coincides with Bitcoin (BTC) facing challenges related to network congestion, primarily caused by Ordinals and BRC-20 tokens, an experimental token standard for Bitcoin.

Litecoin, which originated as a fork of Bitcoin in 2011, is now gearing up for its upcoming halving event. Similar to Bitcoin, Litecoin undergoes a halving approximately every four years, reducing tokens issued per block reward to miners.

This process occurs roughly every 840,000 blocks. Each halving event has historically been accompanied by price increases, possibly due to reduced selling pressure from miners or speculative factors.

The next Litecoin halving is estimated to occur on August 2 of this year, leading some analysts to adopt a bullish outlook for the “digital silver.”


READ MORE: Bitcoin Undervalued, Explosive Returns Await with Adoption Surge, According to SkyBridge Capital CEO


A well-known crypto trader, operating under the pseudonym Inmortal, recently projected a price target of around $150, representing a potential 66% rally from current levels.

Inmortal states, “Litecoin’s value will increase significantly due to the upcoming halving event in two months. This pattern has been observed consistently throughout each cycle, with price targets reaching 90, 150, and 60.”

Author
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.

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