Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
July 1, 2023

Litecoin Closes In on Bitcoin in Terms of Daily Transactions, According to Crypto Analytics Firm IntoTheBlock

By Daily Hodl Staff

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.

ADVERTISEMENT

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.

Source: IntoTheBlock/Twitter

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.

ADVERTISEMENT

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.”

Source: Peter Brandt/Twitter
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney