Litecoin Surpasses 170 Million Transactions Ahead of Halving Event

In a significant development for the Litecoin community, also referred to as the silver to Bitcoin’s gold – Litecoin (LTC) has achieved a groundbreaking milestone ahead of its upcoming halving event – which is just 16 days away as of writing this article. The popular digital currency has witnessed a remarkable surge, completing 170 million transactions on the network in its 11 years of continuous up-time!

Read More: Litecoin Halving 2023

The #Litecoin network just processed its 170 millionth transaction! Which means Litecoin is accelerating, adding another 10 million in the last 7 weeks. Well over a million transactions a week. #SaturdayVibes

⚡ $LTC ⚡ pic.twitter.com/BZaFJNMV8o

— Litecoin (@litecoin) July 15, 2023

The surge in Litecoin’s growth is evident as it has recorded a staggering increase of more than 10 million transactions in the last seven weeks. This remarkable milestone indicates a substantial weekly transaction volume, surpassing the one million mark at the same time!

Litecoin’s recent milestone demonstrates the crypto’s resilience and appeal among investors and enthusiasts. Its increasing market value and rising popularity serve as a testament to the continued growth and adoption of crypto assets.

Litecoin’s unique features, including faster transaction confirmation times and a different hashing algorithm than Bitcoin, have contributed to its widespread acceptance and recognition within the crypto community. With its efficient and secure blockchain network, Litecoin has positioned itself as a leading player in the digital currency space.

As the anticipation for the upcoming halving event builds, market participants and analysts eagerly await the potential effects on Litecoin’s price and market dynamics. The halving event is expected to create a supply shock, reducing the rate at which new coins enter circulation and potentially driving up the value of existing coins. As the halving event draws closer, the crypto community and investors worldwide will closely monitor Litecoin’s performance and the broader implications for the digital asset market. With its strong track record and dedicated community, Litecoin continues to captivate the attention of crypto enthusiasts and remains a force to be reckoned with in the evolving landscape of digital currencies.

Litecoin Halving Date History

This is an extremely highly anticipated event for the altcoin as it would result in a reduction in the supply of the token itself and thus with increased demand, we could see some spike in the price too. Litecoin’s metaphorical predecessor, Bitcoin has had a stellar record of BTC halving events, which have always been followed by massive rallies. However, Litecoin’s rallies have not been as spectacular as Bitcoin’s. But with the current low base and an improving market sentiment from the emerging out of the bear market, we could see a strong recovery in the price of Litecoin in the near future!

Litecoin Price Action

LTC/USD | Source: TradingView

• Litecoin has had a pretty positive price action over the course of 2023 so far, gaining over 62% from the beginning of the year to the highest point of 2023.
• It has since receded slightly from $115 levels down to under $95 as of writing, since the beginning of July, but still remains fairly well positioned to continue its rally if the sentiments continue to remain strong.
• LTC price still is above the 50-day and 200-day exponential moving averages on the chart, which would provide upward support to the coin.
• Additionally, the Relative Strength Index (RSI) is also at a reasonable 48 as of writing, which can also quickly recover as and when the market decided to reverse.

Additional Read: Litecoin Price Prediction

Values as on July 17, 2023.