Litecoin (LTC), one of the leading Proof-of-Work (PoW)-secured cryptocurrencies, is making history. Just two weeks away from its third halving event, known as a “halving,” Litecoin’s network transactions hit an all-time high. The acceleration in operations comes as miners rush to obtain available coins, intensifying demand and activity on the network. This uptick in transaction volume is bolstered by the recent listing of Litecoin on EDX Market, an institutional-grade cryptocurrency exchange in the United States. With a market capitalization of approximately $6.67 billion and a 24-hour trading volume of around $492 million, Litecoin is showing significant power in the world of cryptocurrencies.
New records and increased demand
Data from the chain reveals that there are close to 9.6 million Litecoin holders who have facilitated approximately 170,379,901 transactions since its inception. This number is even more impressive when you consider that almost 10 million transactions have been added in the last seven weeks alone, evidence of the growing demand for Litecoin. We expect the Litecoin network to continue this upward trend, especially considering its total supply of 84 million units. Furthermore, the hash rate of the Litecoin network has increased to 744.71 (TH/s), increasing the mining difficulty to 27.54 (M). These numbers could increase further in the coming days.
Effects of the halving on the Litecoin market
Speculation in the Litecoin market is on the rise as we approach the halving date. However, some cryptocurrency analysts suggest that the true market effect will be felt 12-18 months after the event, and that the current euphoria may already have been factored in.
Litecoin Price Action and Its Relationship to Bitcoin
Despite being rejected around $115 in recent weeks, Litecoin price action is expected to rally and reach $120 before the halving, according to crypto analyst, Captain Faibik. However, Litecoin’s mid-term recovery is highly dependent on Bitcoin’s price action. Currently, Bitcoin’s dominance remains firmly above 50%, although further pullback in this dominance is expected to give the altcoin market, including Litecoin, an opportunity to rally in the coming months. In short, Litecoin’s performance, its all-time high in network transactions and the expectations around its next halving, place this cryptocurrency in a position of considerable interest for both investors and miners.