Litecoin is approaching Bitcoin in daily transactions, according to crypto analytics firm IntoTheBlock
According to crypto analytics firm IntoTheBlock, Litecoin (LTC) price surges, capping an “exciting” second quarter.
LTC is traded on Litecoin and is trading at $105.56 at the time of writing and is up more than 24% in the last 24 hours.
The 10th-ranked crypto asset by market cap is also up more than 50% year-to-date.
IntoTheBlock notes that the peer-to-peer payments network nearly matched the number of daily Bitcoin (BTC) transactions for the entire month of May, surpassing 500,000 daily transactions for the first time this quarter.
Source: IntoTheBlock/Twitter
Litecoin’s strong quarter came as it neared its halving, an event that occurs every four years when the block reward for mining LTC is halved. This reduces the supply of Litecoin and could lead to a price increase.
Litecoinblockhalf.com advises that the upcoming halving is currently expected to take place on August 2nd, however this date is subject to change.
Meanwhile, trader Peter Brandt shares with his 697,300 Twitter followers that Litecoin broke through a major resistance level that has kept LTC range bound for most of the year after its massive surge over the past 24 hours.
“Big breakthrough for LTC.”
Source: Peter Brandt/TwitterDon’t miss a thing – Subscribe to receive email alerts straight to your inbox
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