Litecoin (LTC) Defies Crypto Market Downtrend Amid Record-Setting On-Chain Activity

Litecoin (LTC) Defies Crypto Market Downtrend Amid Record-Setting On-Chain Activity

Alt coin
May 21, 2023 by secret
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Peer-to-peer payments network Litecoin (LTC) is outperforming most of the digital asset markets as LTC bulls anticipate the next halving. According to on-chain data from BitInfoCharts, the number of daily transactions for Litecoin has increased almost fivefold since May started. Source: BitInfoCharts While transactions on the Litecoin network surged, the price of LTC has followed
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Peer-to-peer payments network Litecoin (LTC) is outperforming most of the digital asset markets as LTC bulls anticipate the next halving.

According to on-chain data from BitInfoCharts, the number of daily transactions for Litecoin has increased almost fivefold since May started.

Source: BitInfoCharts

While transactions on the Litecoin network surged, the price of LTC has followed suit and is currently up 13% in the last seven days at time of writing. In the same timeframe, most of the rest of the crypto markets are trading either down or sideways.

The wave of new activity on Litecoin comes as Bitcoin (BTC) struggles with network congestion mostly stemming from ordinals and BRC-20 tokens, a new experiment token standard for Bitcoin.

Litecoin, which was forked from Bitcoin in 2011, is also gearing up for its next halving. Like Bitcoin, the amount of tokens issued per block reward to miners is cut in half roughly every four years, or every 840,000 blocks. Each halving has coincided with price pumps, potentially due to less miner sell pressure or perhaps because of simple speculation.

The next Litecoin halving is estimated to occur on August 2 of this year, and has some analysts bullish on the “digital silver.”

Pseudonymous crypto trader Inmortal recently gave a price target of about $150, which would be roughly a 66% rally from current levels.

“Litecoin go brrrr because halving is in two months.

Every cycle it’s the same.

90 ? 150 ? 60″

Image
Source: Inmortal/Twitter

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