• Litecoin (LTC) has surged 10% as investor confidence increases, reaching a market capitalization of $6.4B
• The surge is believed to be due to the upcoming halving event which will take place later this year
• Last week, there was an increase in LTC hash rate and new addresses on the Litecoin blockchain
Litecoin Price Surge
Litecoin (LTC) has printed a positive price surge as sentiment around halving increases. The token is currently trading at $94.94, indicating a more than 10% increase in the last 24 hours. This is one of the most significant percentage gains which the token has had in a single day since March 12, although there have been some fluctuations in the price. Consequently, the coin’s market capitalization has equally soared, reaching almost $7 billion, and commanding an approximate dominance of 0.55% of the total crypto market cap.
The upcoming halving event is believed to be responsible for this upward trend in Litecoin price. Many are beginning to see the possibility of LTC making them millionaires, hence they have turned their desires into demand. The Litecoin halving event is scheduled to take place later in August this year at a block height of 2,520,000. Usually such halving events have often led to substantial price increases in the corresponding cryptocurrency.
The Litecoin protocol has been getting reasonable traction in total transactions with its network processing another million transactions last week according to Twitter post from them .In addition ,the volume of LTC traded in the market was $483M or 1.52%of total volume of all cryptocurrencies .
Last week ,the total new addresses on the Litecoin blockchain surged by 55%,and at same time ,daily active address surged by 28%. During that time ,the surge brought total number of address beyond 200 million exceeding Ethereum’s (ETH) count 180 million .
While there has been significant growth these last few days ,it’s worth noting that LTC price still very far away from its all-time high set on December 12 2017 about 78%. As Halvening draws closer ,it’s believed that token will received much more attention and likely lead substantial price increases .