Litecoin Price Prediction as LTC Becomes One of the Best Performing Coins of the Week – Time to Buy?
Litecoin (LTC), the cryptocurrency that powers the payments-focused Litecoin blockchain, has been on a great run recently.
LTC was last changing hands just below $95 per token, having pumped over 3% this week despite a 1.5% fall in the broader cryptocurrency’s market capitalization.
That means Litecoin is one of the best-performing coins of the week and price predictions thus remains bullish.
As per CoinGecko, Litecoin is up 8% in the last seven days, making it the third best-performing cryptocurrency in the top 20 by market cap, only lagging XRP and Solana’s SOL.
Analysts have been citing a combination of optimism about the upcoming “halving” in August that will see the LTC inflation rate drop in half, and a recent surge in transaction activity on the Litecoin blockchain as powering the recent rally.
The halving, which will occur in 58 days’ time, as per nicehash.com, will see the LTC reward for each block fall to 6.25 from the current 12.5.
Blocks take an average of around 2.5 minutes to mine on the Litecoin network.
Meanwhile, the arrival of the Ordinals protocol on the Litecoin blockchain (the code for which was based on the Bitcoin blockchain) has sparked a huge surge in network activity.
Ordinals just hit 4 million, Litecoin said in a recent tweet.
This has helped power the total number of Litecoin transactions to above 160 million, with 10 million of these transactions coming in just the last 6 weeks.
But other analysts are also citing recent positive technical developments/signals as also contributing to the building buy pressure.
A few weeks, Litecoin found strong support at its 2023 uptrend and had found strong support twice at its 200-Day Moving Average so far this year, strong validation that the bull market remains in
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