Peer-to-peer payments network Litecoin (LTC) experienced a remarkable upswing in key on-chain metrics over the past week, as highlighted by IntoTheBlock, a renowned crypto analytics firm. Within a span of seven days, Litecoin observed a notable 28% surge in daily active addresses, accompanied by an impressive 54.6% jump in new addresses.
Analyzing Litecoin’s recent performance, it becomes evident that this surge in activity is coinciding with the approaching halving event, scheduled for later this summer. The halving, which occurs every four years, entails a reduction in the block reward for mining LTC by half. This scarcity mechanism leads to a decrease in Litecoin’s supply and often results in upward price movement.
As per current projections by Litecoinblockhalf.com, the forthcoming halving is expected to take place on August 2nd, although this date is subject to change.
At the time of writing, LTC is trading at $80.28. Despite experiencing a decline of nearly 13% over the past month, the 12th-ranked cryptocurrency by market cap has registered an overall gain of more than 14% since the beginning of 2023. Moreover, in the past 24 hours, LTC has demonstrated a positive trajectory with a 4% increase.
In the broader crypto market landscape, IntoTheBlock highlights the outperformance of the Nasdaq 100 index (NDX) compared to most of the top 10 digital assets this year. Remarkably, the Nasdaq has managed to catch up, outperforming six out of the top 10 crypto assets in 2023. When considering the year-to-date performance, only BTC and SOL have significantly surpassed the Nasdaq in terms of returns.
Stay updated with Litecoin’s promising momentum as it heads towards the halving event, while also keeping an eye on the evolving trends in the crypto market, where the Nasdaq 100 index is making its mark alongside leading cryptocurrencies.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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