Litecoin was the top gainer in the last 24 hours among assets with a market valuation of more than $2 billion.
Litecoin had a fruitful second quarter of 2023 as far as network adoption was concerned. According to on-chain analytics company IntoTheBlock, the network processed over half a million daily transactions for the first time in Q2 2023.
This after users who were bogged down by rising transaction fees on Bitcoin chose to shift towards less expensive alternatives. Infact, during the first half of May, Litecoin’s tranasction count was on par with Bitcoin’s daily tally. The number of LTC’s active addresses also reached all-time highs around the same time period.The increased network traffic also led to an uptick in the coin’s hash rate. According to Coinwarz, the hash rate hit an all-time high of 816.9 TH/s last week, and has been on a steady uptrend over the past two months.
Moreover, its upcoming halving event acted as a major catalyst in pushing up its demand. Historically, LTC prices have soared both before and in the aftermath of the halving.
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