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.”
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A well-known crypto trader, operating under the pseudonym Inmortal, recently projected a price target of around $150, representing a potential 66% rally from current levels.
Litecoin go brrrr because halving is in two months.
Every cycle it's the same.
90 → 150 → 60$LTC pic.twitter.com/ay5d58odGe
— Inmortal (@inmortalcrypto) May 18, 2023
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.”