Litecoin Jumps 7.5%, Thanks to Upcoming Halving and LTC20 Transactions | Coingape

While the broader cryptocurrency market has come under selling pressure, the Litecoin (LTC) price has shot up by more than 7.59% in the last 24 hours and is currently trading at $87.05 with a market cap of $6.3 billion. Litecoin has participated in the crypto market rally this year and shot past $100 twice in

Timeline of Litecoin

Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. According to data from the on-chain analytics platform, Santiment, the number of daily active network addresses on Litecoin has increased by over 400,000 since the start of May.

Santiment on-chain data aggregator has reminded the community about the upcoming halving of Litecoin, which will take place in August this year. Halving is a programmed event after which proof-of-work miners begin to create half the number of coins and their rewards also drop by half.

Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today's rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher. Litecoin (LTC) Litecoin (LTC) jumped back above $80.

Today's Litecoin price analysis indicates a downward trend as a bearish shift has been recorded, leading to a decrease in its value. The cryptocurrency's price has been impacted by this bearish strike.

Litecoin (LTC) has recently set a new all-time high (ATH) in daily transactions, with over 579,000 transactions occurring yesterday, suggests IntoTheBlock's data. This milestone is particularly intriguing as Litecoin's daily transactions are now nearing those of Bitcoin, which had 598,000 transactions on the same day.

Blockchain analytics platform Santiment is bullish on five crypto assets amid a larger fall in the prices of altcoins relative to Bitcoin (BTC). Santiment says that Litecoin (LTC) and four other altcoins are underbought with most traders nursing losses.

Litecoin has continued to decline and has now slipped under the $80 level, but if a metric is anything to go by, the coin may be near the bottom. Litecoin Is Now In The MVRV Opportunity Zone According to data from the on-chain analytics firm Santiment, some altcoins, including Litecoin, are showing underbought signals after the recent price decline.

Santiment, an onchain analytics company, recently tweeted that altcoins, or alternative cryptocurrencies to Bitcoin, are showing underbought signals after their market caps fell in comparison to Bitcoin at the beginning of the week.

Litecoin is shedding its gains in the market today as the bears take control of its price. At press time, its trading volume is down by over 15%, with a price decrease of 2.80% in the last 24 hours.

The Litecoin price analysis shows a bearish trend in the market, with a drop of 5.29 percent in the last few hours. The LTC/USD pair declined to $84.02, with more selling pressure on the coin.