Litecoin (LTC) is currently making headlines due its soaring price and the arrival of its innovative nonfungible token (NFT) protocol. On May 15, LTC's price rallied by more than 6.5% to around $87.50, making it one of the best performing assets among the top-ranking cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). In fact, LTC's market value has increased a staggering 115% since June 2022, when it reached its market low of $40.25.
The popularity of Litecoin was further boosted by the launch of its forked version of BRC-20 standard, the LTC-20. This protocol allows people to use the Litecoin blockchain for minting NFTs comprising of text, audio, video, picture and more. All the NFT tokens are free mints with no pre-mining involved, and this feature has seen a surge in Blockchain activity over the past weeks. Data from BitInfoCharts.com reveals that Litecoin's daily on-chain transactions hit a peak of 576,700 on May 9, with the active address on the Litecoin network likewise increasing substantially. Sharkings has however taken place for this rally with there being a decrease in the number of Litecoin wallets that held more than 1,000 coins.
From a technical standpoint, the LTC/USD is making an attempt to break out of its multi-month descending channel range, which if it succeeds, could take the price to around $130 by August. Else, a failure to break out could take LTC back to its channel range and push its value down to $25.
It is worth noting that Litecoin is due for a halving in August, which could have further influenced its current market dynamics. This major event usually pushes up the demand for the LTC tokens and adds to the coin's momentum.
In conclusion, Litecoin is currently enjoying an impressive market rally due to the introduction of its NFT protocol and the anticipation of its upcoming halving. An increase in blockchain activity and a potential breakout from its descending channel range could take its value even further, while a failure to do so could lead to a return inside the range.
Lincoln James
- 2023-05-15
Everything You Need To Know About Litecoin's Impressive Market Rally
Litecoin's (LTC) price recently rallied by 6.5%, making it one of the best performing assets among the top-ranking cryptocurrencies. The popularity of Litecoin was further boosted by the launch of its forked version of BRC-20 standard, the LTC-20. Get the complete details on Litecoin's impressive market rally despite the presence of sharkings.
