Litecoin has been the biggest winner in the last 24 hours among the top 10 crypto assets. The halving event of the altcoin project is just around the corner. This contributed significantly to LTC’s performance.
Litecoin performed strongly in the top 10
cryptocoin.comAs you follow, the Proof-of-Work (PoW) network Litecoin (LTC) halving is just around the corner. Therefore, the altcoin is gaining strong momentum. “Bitcoin’s silver to gold” has been the top winner in the last 24 hours among the top 10 cryptocurrencies. According to CoinMarketCap, LTC was changing hands at $107.23 at the time of writing. On the daily timeframe, LTC has recorded an impressive 12.95% jump.
However, this rise did not happen suddenly. The token has grown steadily over the past week. In fact, it’s been the only asset to have recorded double-digit growth in the top 10 in the past seven days. While the activity in the market increased rapidly, the interest in social circles also increased. Litecoin has become the number one coin in AltRank, according to social analytics platform LunarCrush. The AltRank metric tracks the social activity and price performance of an altcoin against Bitcoin (BTC).
LTC tears of joy!
Litecoin had a productive second quarter of 2023 in terms of network adoption. According to on-chain analytics company IntoTheBlock, the network processed more than half a million daily transactions for the first time in Q2 2023. This happened after users who were overwhelmed by the rising transaction fees in Bitcoin turned to cheaper alternatives. In fact, in the first half of May, Litecoin’s transaction count was on par with Bitcoin’s daily tally. LTC’s active address count also reached an all-time high during the same period.
Litecoin network becomes more secure
The increased network traffic caused the hash rate of the coin to increase as well. According to Coinwarz, the hash rate hit an all-time high of 816.9 TH/s last week. Also, it has been in a steady uptrend for the past two months.
The increased hash rate showed that miners should invest more computational power to validate blocks, thus making the network more secure and decentralized. LTC has been largely unaffected by the growing regulatory animosity in the crypto space that has wiped out the best altcoins in its path. Its repeated absence from the list of assets that are considered securities has helped strengthen its image as a reliable and decentralized entity. Moreover, the upcoming halving has acted as a major catalyst in boosting its demand. Historically, LTC prices have risen both before and after the halving.
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