Peer-to-peer payments network Litecoin (LTC) is outperforming most altcoin markets as the next halving event approaches.
Recently, there has been a noticeable increase in the number of daily transactions of Litecoin. According to on-chain data from BitInfoCharts, the number of daily transactions on the Litecoin network has increased almost fivefold since the beginning of May. This indicates a significant increase in Litecoin adoption and usage.
In line with the increasing number of transactions, Litecoin’s price has also been on the rise. There has been a 15% increase in the altcoin price over the past seven days. This indicates that investors’ demand for Litecoin is increasing and the market has had a positive response. On the other hand, the majority of other cryptocurrencies have been either bearish or sideways over the same period. Litecoin’s performance during this period made a difference in the market and caught the attention of investors.
The new wave of activity in Litecoin has come as Bitcoin (BTC) struggles with network congestion mostly caused by ordinals and BRC-20 tokens.
However, Litecoin, created as a fork of Bitcoin in 2011, is preparing for its next halving. In halving events that take place every four years, the reward per block for Litecoin miners is halved.
The next Litecoin halving is predicted to take place on August 2 this year, so some analysts have started offering bullish forecasts for “digital silver”.
Known in the crypto market as Inmortal, the trader recently set a price target of around $150 for the altcoin. gave and that’s roughly a 66% rally from current levels.
“Litecoin is getting out of hand because the halving will happen in two months.
Every cycle is the same.
90? 150 ? 60″
You can follow the current price action here.