• Latest
  • Trending
  • All
Why is Litecoin price up today?

Why is Litecoin price up today?

May 16, 2023
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023
Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

June 1, 2023
Crypto.com Secures Key Trading License in Asia

Crypto.com Secures Key Trading License in Asia

June 1, 2023
Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

June 1, 2023
Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

June 1, 2023
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023
Ethereum Open Interest On Deribit At A 3-Year High

Ethereum Open Interest On Deribit At A 3-Year High

June 1, 2023
Bitcoin logs monthly loss, Ether drops, U.S. equities slide

Bitcoin logs monthly loss, Ether drops, U.S. equities slide

June 1, 2023
Thursday, June 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Litecoin

Why is Litecoin price up today?

by Cuevas Antonio
May 16, 2023
in Litecoin
0
Why is Litecoin price up today?
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


The value of Litecoin (LTC) crept increased on Might 15 because the market assessed its entry into the thriving nonfungible token (NFT) mania. 

LTC worth rallied by greater than 6.5% on Might 15 to round $87.50, rising as among the finest performers among the many top-ranking crypto property like Bitcoin (BTC) and Ether (ETH). LTC worth is up 115% when measured from its market low of $40.25 in June 2022.

LTC/USD weekly worth chart. Supply: TradingView

Litecoin launches its personal token normal

The LTC worth rally seems two weeks after the appearance of the Litecoin Ordinals Protocol.

The idea is much like Bitcoin’s Ordinals Protocol, which permits individuals to mint NFTs — textual content, footage, audio, video, and many others. — atop the bottom blockchain utilizing an experimental BRC-20 token standard, much like Ethereum’s ERC-20.

On Might 2, the Litecoin neighborhood introduced a forked model of the BRC-20 normal referred to as “LTC-20.” Because of this, anyone can now inscribe an NFT — an LTC-20 normal token — into the Litecoin blockchain utilizing its native Ordinals protocol.

Litecoin community exercise has elevated after introducing the LTC-20 normal with the full variety of every day on-chain transactions reaching a file excessive of over 576,700 on Might 9, in keeping with BitInfoCharts.com.

Litecoin every day transactions all through historical past. Supply: BitInfoCharts

As of Might 14, the transactions have been right down to 511,290 however have been nonetheless increased by historic requirements.

As well as, the full variety of energetic addresses on the Litecoin community elevated considerably after the LTC-20 token normal introduction, in keeping with Santiment knowledge.

Litecoin every day energetic addresses. Supply: Santiment

“When analyzing the LTC provide distribution, we are able to see that the smallest group of wallets, holding between 0 and 0.001 LTC, is rising quickly in tandem with the rise in energetic addresses,” the platform noted, including:

“This correlation means that LTC20 may certainly be the driving power behind the energetic deal with anomaly on the Litecoin community.”

Then again, the variety of Litecoin whales — entities holding greater than 1,000 LTC into their distinctive addresses — has dropped, exhibiting they’ve proven a comparatively decrease curiosity within the LTC-20 euphoria.

LTC provide in addresses with steadiness higher than 1,000 items. Supply: Messari

What’s subsequent for LTC worth?

Extra community exercise underscores rising demand for LTC, which can have influenced Litecoin’s latest worth beneficial properties. As well as, the euphoria surrounding Litecoin’s upcoming halving in August has additionally boosted LTC’s upside prospects.

Associated: Bitcoin addresses holding 1 BTC or more reach one million: Glassnode

From a technical perspective, LTC seems to have been breaking out of its multi-month descending channel vary to the upside.

LTC/USD weekly worth chart. Supply: TradingView

As of Might 15, LTC/USD was testing the channel’s higher trendline as help, which, if performed efficiently, may lead the worth towards $130 by August, up about 50% from present worth ranges.

In any other case, Litecoin worth dangers returning contained in the channel vary to eye a run-down towards the decrease trendline. That imply a fall towards $25, down roughly 70% from present worth ranges.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.



Source link

Tags: LitecoinPriceToday
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Recent News

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved