- Litecoin attracts crypto speculators amid a meme coin frenzy.
- LTC is up by 15% in the last seven days.
- The surge is in anticipation of the halving.
The recent meme coin frenzy has affected some of the blockchains, including Bitcoin, which saw transaction fees shoot up. This has definitely steered the attention of crypto investors to one of the oldest crypto assets, Litecoin (LTC).
A look at the price performance over the last seven days of the top 20 coins by market cap reveals that Litecoin is the only coin that has put up a 15% surge. LTC soared from a monthly low of $76.83 to a high of $103 before falling to its current price. According to CoinMarketCap data, LTC is trading at $93.39 at press time, with a 3.5% hike in the last 24 hours. Litecoin is the 11th largest cryptocurrency by market cap and stands at $6.79 billion at press time.
What is the major reason for Litecoin’s price surge?
The main reason for the surge is the anticipation of Litecoin’s halving. The details state that the Litecoin halving will occur on August 3, 2023. As a result of the forthcoming Litecoin halving, the block reward will drop from 12.5 LTC to 6.25 LTC. The next one is anticipated to occur at block 2,520,000. These halving events occur every 840,000 blocks.
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The likelihood that the price of LTC will start to increase as the Litecoin halving event draws nearer is based on historical trends. However, other elements, including the state of the market, investor attitude, competition, and alterations to laws, could also have an impact on the asset’s price. As a result, it’s crucial to take into account a variety of factors that could affect the price of Litecoin.
