Litecoin (LTC) Spikes 14% Weekly, 6.8% in Past 24 Hours: Reasons
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a recently published tweet, on-chain data agency Santiment published a tweet to share three reasons for Litecoin (LTC) increasing in price on a weekly and daily basis. The main cause is the approaching LTC halving event in August.
Here's what's been pushing LTC up
Since May 25, Bitcoin offshoot Litecoin, also known in the crypto community as digital silver, has increased in price by nearly 14%, rising from $83.79 to the $94.57 level, where it is trading currently. Over the past 24 hours, the growth constitutes 6.86%.
Santiment analytics team believes that there are three major reasons for the growth of this digital asset.
The first and largest reason the experts believe is the approaching halving of LTC scheduled for August. During halving, miners' rewards per block are cut down by half. At the moment, miners receive 12.5 LTC for every new block they find. After the halving, it will be reduced to 6.25 LTC.
There will be 35,760 blocks to find until the next halving in 2027. A halving takes place every four years, initially implemented by mysterious Bitcoin creator Satoshi Nakamoto for BTC. The previous event for LTC occurred in 2019.
The next Bitcoin halving is scheduled for 2024, with the previous one occurring in 2020, during the pandemic.
The other two reasons that have been fueling LTC's growth are a staggering two-year high in the volume of LTC on-chain transactions, as well as the biggest spike in whale activity since the start of 2023.
⚡ #Litecoin's market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January. https://t.co/AcOYEV18tP pic.twitter.com/5x3oHWrl2I
— Santiment (@santimentfeed) June 1, 2023
Gamza KhanzadaevLTC reaches milestone on BitPay
Leading global payment gateway BitPay spreads the word about Litecoin reaching a new milestone among its users. According to a tweet, LTC has grabbed second place on the scale of most popular cryptos transacted by means of BitPay.
Now, BitPay has announced a giveaway of $250 worth of LTC to one winner to celebrate this remarkable milestone of LTC adoption and utility.
Litecoin has become the 2nd most popular cryptocurrency transacted via #BitPay.
— BitPay (@BitPay) June 1, 2023
To help celebrate we're giving away $250USD of #Litecoin to one (1) lucky winner.
Don't miss out on this awesome opportunity!https://t.co/s1onN8BFrx pic.twitter.com/ETtPnOK7h0
Related articles
Dan Burgin
Alex Dovbnya