Litecoin recorded an impressive daily and weekly price increase today. The altcoin has regained its place in the crypto league, displacing Solana (SOL) to achieve success. Meanwhile, Litecoin has set a new record in the number of transactions, according to IntoTheBlock.
The altcoin that knocked out Solana regained its place in the top 10
cryptocoin.comAs you follow, Litecoin has been one of the most aggressive cryptos in terms of price increase this week. At the time of writing, the digital currency has seen unprecedented growth of 28.93%. After that, the altcoin is trading at $108.67. The coin has not tested this level since April of this year. Moreover, even breaking the $100 price level for Litecoin was a milestone in itself. The recent growth spurt has given Litecoin a defined momentum on the weekly front. According to the latest data, the current growth momentum has helped it reduce the losses incurred during this time. Hence, the altcoin is up 18.53% on a weekly basis.
Litecoin has recorded a number of unique milestones over the past few days. In addition to recording over 2 million transactions in the past week, Litecoin has also seen steady growth in mining difficulty, rising to a new All-Time High (ATH) of 26.38M at block height of 2,500,802. According to Kaiko, the deep liquidity of the protocol helped LTC settle in fifth place. This completes the flexibility of the coin. By depth/volume metrics, Litecoin currently only lags behind Bitcoin (BTC), Ethereum (ETH), XRP and Dogecoin (DOGE).
Potential future impact
With Litecoin reclaiming its place among the top 10 cryptos, the emphasis is on staying in that lane first. However, after that, it continues to move towards new heights. There are a number of positive fundamentals that cryptocurrencies look forward to. Chief among these is the upcoming halving event.
The Litecoin halving will take place as soon as August. Thus, the rewards distributed to miners on the network will be halved. This event will ultimately reduce the supply of cryptocurrencies. Thus, it will help its value in the long run. Litecoin also holds a good place as a payment token thanks to different integrations and partnerships.
Record from Litecoin: Completes exciting quarter
IntoTheBlock shared a quarterly update on Litecoin. Its analytics platform said the network processed over half a million (500,000) daily transactions for the first time this quarter. He also noted that this figure approaches the daily number of Bitcoin transactions in May.
Litecoin had an exciting quarter, reaching new milestones. EDX Markets, a new crypto exchange that launched last week and is backed by Wall Street heavyweights Charles Schwab, Citadel Securities and Fidelity Digital Assets, has decided to allow its investors (institutional investors only) to start trading Bitcoin, Ethereum, Litecoin and Bitcoin Cash. preferred. Thus, the Litecoin mining hash rate has steadily increased, reaching all-time highs.
The Litecoin Foundation announced on June 27 that the blockchain hashrate reached an all-time high of 957.22 TH/s. According to the post, this update was a direct indication of Litecoin’s network security as well as the stable, healthy and maturing growth of the LTC network.
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