• Litecoin (LTC) has seen a 10% price surge in the last 24 hours due to investor confidence increasing surrounding an upcoming halving event.
• The total volume of LTC traded was $483M, or 1.52% of the total volume of all cryptocurrencies and its market capitalization has risen to almost $7 billion.
• Litecoin’s hash rate, new addresses, and daily active addresses have all seen sharp increases in the past week.
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 – one of the most significant percentage gains which the token has had since March 12, 2020. Many investors are beginning to see the possibility of LTC making them millionaires, hence they have turned their desires into demand.
Market Capitalization & Volume
The price gain has played a pivotal role in bolstering the confidence of investors in the coin. In the last few hours, the volume of LTC traded in the market was $483M, or 1.52% of the total volume of all cryptocurrencies which led to its market capitalization rising to almost $7 billion and commanding an approximate dominance of 0.55% of the total crypto market cap..
Halving Event
The upcoming halving event is believed to be responsible for this upward trend in Litecoin price. The Litecoin halving event is scheduled to take place later in August this year at a block height of 2,520,000 and usually such events lead to substantial price increases in corresponding cryptocurrencies..
Hash Rate Increase
Last week, there was significant growth seen on several fronts related to Litecoin including its hash rate which saw a sharp increase as well as new addresses and daily active address surges by 55% and 28%, respectively with 200 million addresses exceeding Ethereum’s count by 180 million .
All Time High
While there has been significant growth in terms of value recently it is still far from its all-time high set on December 12th 2017 when it reached $420 meaning it is still 78% away from that value .