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LTC Price Spikes 12 Percent as Litecoin Usage Rises Along with Transaction Numbers

ByBit
  • Yuri Molchan
    📰 News

    In 2019 a great number of LTC onchain metrics stopped 📊⛔growing, showing a major halt in support and user interest in this platform; in May, the 📊❗situation has changed

LTC Price Spikes 12 Percent as Litecoin Usage Rises Along with Transaction Numbers
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Contents

As opposed to the start of the year, when onchain metrics on BitInfoCharts showed a major decrease in user interest in Litecoin, interest has begun rising once again since the beginning of May.

Litecoin (LTC) is the top gainer on the top 10 list

On Sunday, Bitcoin’s price began surging along with the rest of the market. This morning Litecoin showed a 10-percent rise. At press time, the coin is showing an even more powerful increase – slightly over 12 percent – which makes it the top gaining asset on the top 10 crypto list.

Litecoin (LTC) is the top gainer on the top 10 list
Source: CoinMarketCap.com

On Saturday, U.Today reported that the Litecoin community is looking forward to the LTC halving which is due in August this year. This event, when miners’ awards per every new block will be cut by half, making LTC more scarce, is expected to put the coin’s price way up on charts.

There was also a negative event having to do with LTC, when a user paid 200 LTC as a transaction fee for transferring slightly less than 9 LTC, but it did not affect the asset’s price.

Another reason for LTC’s present price rise may be the return of user interest.

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Litecoin is recovering its positions

Litecoin.com reports that even though the growth of interest in the network does not match the market value, it could be a delay in response. Still, whether the metric figures will return to the mean figures in the end will be seen later on.

Among those metrics is the USD value, which suddenly surged over $1.6 bln on May 16, as well as the Average Tx value and the amount of LTC addresses. The number of daily LTC transactions has also increased – from 20,000 to 27,000.

As per Litecoin.com, the LTC price has now gotten much further away than current metrics should allow, so unless these two come to match each other soon, the LTC price may prove unstable and go back down.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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