Litecoin Climbs to 9th Spot on Top Cryptocurrencies List
In spite of the extreme volatility in the markets today, Litecoin’s (LTC) price has increased significantly both daily and weekly. By surpassing Solana (SOL), it is now sitting at the 9th spot on the top cryptocurrencies by market cap list.
This week, Litecoin’s price increase has been among the most dramatic of any major cryptocurrency. The digital currency’s price has increased by an astonishing 29%, to $107.57 at the time of writing. Given that the coin hasn’t traded over $100 since April of this year, this new high marks a significant milestone.
Litecoin’s weekly momentum may be directly attributed to the current growth drive. According to CoinMarketCap, the cryptocurrency has gained dramatically as its recent upward trend has helped it recover some of its previous losses.
Significant New Benchmarks
In the previous several days, Litecoin has reached a number of significant new benchmarks. With almost 2 million transactions recorded in the previous week, Litecoin’s mining difficulty has steadily increased, reaching a new All-Time High (ATH) of 26.38 M at block height 2,508,021.
According to Kaiko’s assessment, LTC is in fifth place because its robustness is being supported by the protocol’s vast liquidity. Moreover, Litecoin (LTC) is presently fifth in depth and volume in Kaiko’s list.
All Eyes on Upcoming Halve Event
Now that Litecoin is once again among the top 10 cryptocurrencies, the focus should be on maintaining this momentum rather than immediately attempting to break into uncharted territory. The approaching halving event is the most exciting of several anticipated good fundamentals for the currency.
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Furthermore, the Litecoin network is scheduled to “halve,” or reduce by half the incentives given to miners, in August. The long-term goal of this action is to support the value of the currency by reducing the available supply. Moreover, with several integrations and collaborations, Litecoin has also established itself as a credible payment token.