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Tuesday, February 27, 2024

Litecoin Halving Approaches: Decoding the Price Analysis of Litecoin

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  • LTC is trading at the price of $87.62.
  • In the past 24 hours, LTC has increased by 2.09% as per CoinMarketcap.

Over time, Litecoin has experienced consistent growth and has garnered increasing attention from investors and traders. Recent headlines have highlighted Litecoin’s (LTC) remarkable achievement of reaching an unprecedented level of daily transactions, bringing it close to matching the renowned Bitcoin’s transaction numbers.

The third halving of Litecoin is set to take place on August 2, 2023. This event will result in a reduction of rewards for proof-of-work miners, who will receive half the number of coins compared to before. And it will also lead to a decrease in the number of newly minted coins.

Additionally The upcoming halving event for Litecoin has sparked considerable speculation regarding its potential impact on the cryptocurrency’s price. While some members of the crypto community anticipate a price increase following the event, others argue that the halving has already been factored into Litecoin’s current price, suggesting it may have little to no immediate impact.

LTC price chart (source: CoinMarketCap )

According to CoinMarketCap, Litecoin (LTC) is currently trading at $88.65, with a 24-hour trading volume of $742,738,672. Over the past 24 hours, LTC has experienced a 2.09% increase in value. Analyzing the trading movements in the cryptocurrency market, the Relative Strength Index (RSI) of LTC stands at 52.93. This suggests that Litecoin is currently in a neutral state, neither overbought nor oversold.

Introducing LTC-20

Also, May 2 marked a significant milestone for the Litecoin community with the introduction of “LTC-20,” a customized version of the BRC-20 standard. This advancement empowers individuals to mint NFTs as LTC-20 tokens on the Litecoin blockchain, leveraging the inherent Ordinals protocol.

The activity within Litecoin’s (LTC) network reached unprecedented levels, with a staggering 579,000 transactions recorded in a single day. This pointing to a remarkable surge in engagement. This surge can be credite to the influx of BRC-20 tokens into Litecoin’s LTC-20, generating heightened interest and participation among users.

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