Litecoin peer-to-peer payment network (LTC) is outperforming most digital asset markets as LTC bulls anticipate the upcoming halving.
According string data From BitInfoCharts, the number of daily Litecoin transactions has increased almost fivefold since the beginning of May.
While transactions on the Litecoin network have increased, the LTC price has followed suit and is currently up 13% over the past seven days as of this writing. In the same time frame, most of the rest of the crypto markets are trading down or sideways.
The wave of new activity in Litecoin arrives as Bitcoin (BTC) struggles with network congestion that stems primarily from ordinal tokens and BRC-20, a new experiment token standard for Bitcoin.
Litecoin, which forked from Bitcoin in 2011, is also gearing up for its next halving. Like Bitcoin, the number of tokens issued per block reward to miners halves roughly every four years, or every 840,000 blocks. Each halving has coincided with price bombs, possibly due to lesser selling pressure from miners or perhaps due to simple speculation.
Litecoin's next halving is My dear to occur on August 2 of this year, and has some analysts optimistic about "digital silver."
The pseudonymous cryptocurrency trader Immortal recently gave a target price of around $150, which would be roughly a 66% increase from current levels.
โLitecoin is going brrrr because the halving is in two months.
Every cycle is the same.
90? 150? 60โณ
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