Litecoin’s (LTC) price is on the rise as closes an ‘exciting’ second quarter, according to the crypto analytics firm IntoTheBlock.
LTC is trading at Litecoin is trading at $105.56 at time of writing and is up more than 24% in the past 24 hours.
The 10th-ranked crypto asset by market cap is also up more than 50% since the start of the year.
IntoTheBlock notes that the peer-to-peer payments network came close to the number of daily Bitcoin (BTC) transactions for the entire month of May and also processed more than 500,000 daily transactions for the first time this quarter.
Litecoin’s strong quarter materialized as it approaches its halving, an event that occurs every four years when the block reward for mining LTC is cut in half. This reduces the supply of Litecoin and could lead to an increase in price.
Litecoinblockhalf.com notes that the upcoming halving is currently projected to happen on August 2nd, though that date is subject to change.
Meanwhile, trader Peter Brandt tells his 697,300 Twitter followers that Litecoin has taken out a major resistance level that kept LTC range-bound for most of the year following its massive surge in the last 24 hours.
“Major breakout for LTC.”
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