• Litecoin (LTC) has seen a positive price surge due to the upcoming halving event.
• The market cap of LTC has risen to nearly $7 billion, and its 24 hr volume is $483M.
• Last week, the total new addresses on the Litecoin blockchain surged by 55%, and at the same time, the daily active addresses surged by 28%.
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. The upcoming halving event is believed to be responsible for this upward trend in Litecoin price.
Increased Investor Confidence
The price gain has played a pivotal role in bolstering the confidence of investors in the coin. Many are beginning to see the possibility of LTC making them millionaires, hence, they have turned their desires into demand. 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.
In addition to increasing investor confidence and value growth, Litecoin progress is also being made on other fronts such as network activity. A tweet from the Litecoin protocol confirmed that the network processed another million transactions last week with 1.52% of all cryptocurrency transactions taking place on its network last few hours .
Upcoming Halving Event
The upcoming 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 corresponding cryptocurrencies and it is expected that similar trends will be observed with LTC this time around as well with many investors expecting it may reach its all-time high of $420 set on December 12th 2017; though it still remains 78% far from that value currently .
Surge In Network Activity
Last week saw an impressive surge in network activity related metrics with total new addresses increasing by 55% while daily active address count increased by 28%. This brings total number of addresses beyond 200 million exceeding Ethereum’s count of about 180 million; further strengthening investor confidences ahead of Halvening event .