Main navigation

Litecoin (LTC) up 7% After Integrating Lightning Network: Details

Mon, 05/15/2023 - 08:24
article image
Godfrey Benjamin
Litecoin integrated Lightning Network in its bid to diversify its utility
Litecoin (LTC) up 7% After Integrating Lightning Network: Details
Cover image via

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.

Read U.TODAY on
Google News

The digital currency ecosystem is seeing a definitive recovery today as Bitcoin (BTC) and most altcoins are in the green. Litecoin (LTC) is among the protocols seeing an impressive price jump today after it printed a 7% upsurge to pare off some of the losses it has incurred in the past week.

In the week-to-date period, Litecoin is up by 6.54%, taking its spot trading price to $87.11. The steady growth in the digital currency has lent many theories that can help sustain the growth. One of these theories or reasons pushing the growth of Litecoin is the latest integration of the Lightning Network.

As revealed by the protocol, the very first Lightning Network transaction has been carried out on the Litecoin blockchain, helping to push its scalability by up to 10x.

The Lightning Network is a Layer 2 protocol that is primarily built on the Bitcoin blockchain to help with expedited transactions and low cost.

It has worked effectively since its introduction to the Bitcoin protocol, and with the latest Litecoin Lightning Network transaction, the versatility of the solution is reinforced, to the benefit of all Litecoin users.

Litecoin (LTC) Whale Transactions Hit 111% Increase Ahead Major Update

Other key Litecoin growth triggers

In addition to the positive sentiment surrounding the integration of the Lightning Network, Litecoin network is also expected to undergo its next halving in the next couple of months. The halving event has been projected as a major growth trigger for the Litecoin price, as it is expected to reduce the rate of generation of new tokens.

Also, the growing popularity of LTC-20 tokens has introduced a new utility to the Litecoin protocol, making it a more versatile and diversified blockchain protocol compared to its peers. Litecoin has always been a high flier and a high performance token that serves many different purposes for investors, including as a payment token and an investment asset.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.