• Litecoin (LTC) has surged by 10% in the last 24 hours, with its market capitalization reaching $7 billion.
• The upcoming halving event is believed to be responsible for the bullish trend seen in LTC’s price.
• The Litecoin network processed another million transactions last week and its total active addresses increased by 28%.
Litecoin Price Soars 10%
Litecoin (LTC) has printed a positive price surge as sentiment around halving increases. The token is currently trading at $94.94, indicating a more than 10% increase in the last 24 hours. This is one of the most significant percentage gains which the token has had in a single day since March 12, although there have been some fluctuations in the price. The price gain has played a pivotal role in bolstering investor confidence and increasing demand for LTC tokens.
Upcoming Halving Event
The upcoming halving event is believed to be responsible for this upward trend in Litecoin price. The Litecoin halving event is scheduled to take place later in August this year at a block height of 2,520,000. Usually, such halving events have often led to substantial price increases in the corresponding cryptocurrency. Consequently, the coin’s market capitalization has equally soared, reaching almost $7 billion and commanding an approximate dominance of 0.55% of the total crypto market cap.
Network Processed Transactions
The tweet from the Litecoin protocol confirmed that the network processed another million transactions last week. In addition to this news, last week also saw an increase of 55% new addresses on the Litecoin blockchain as well as an increase of 28% daily active addresses on-chain – crossing Ethereum’s count of about 180 million addresses.
Hash Rate Sees Sharp Increase
The hash rate for litecoin has also seen a sharp increase due to miners being attracted by higher rewards post-halving event or simply because mining with GPUs can be profitable again due to lower difficulty levels after recent drops seen on Bitcoin’s network hashrate over time following BTC’s own third halvening earlier this year . As such it may be possible that miners are shifting their resources towards litecoins instead given how more profitable it can become for them depending on current trends within cryptomarkets nowadays .
All-Time High Record Price
While there has been significant growth in the last few days, it is worth noting that the LTC price is still very far from its all-time high of $420 set on December 12, 2017 – being 78% away from such record prices achieved then .