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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.
DYK: The very first @lightning transaction was made on #Litecoin?
— Litecoin (@litecoin) May 14, 2023
One of the latest innovations to $LTC is #MWEB, giving Litecoin 10x scalability. https://t.co/ekSGVM9cCD
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.
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.
Alex Dovbnya
Valeria Blokhina
