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The ‘silver to Bitcoin‘gold’ has strengthened this year. As a result, Litecoin prices are once again approaching three figures.
Litecoin has been showing some major gains recently. Furthermore, some analysts have suggested that it could overtake Bitcoin in terms of gains.
The Litecoin network has achieved a number of on-chain milestones this month. It has processed its 141 millionth transaction, and more than $1 billion has moved through the network as increased payments.
In addition, the network’s transaction count has been stable for the past year, hovering around 100,000 per day, according to BitInfoCharts.
Improving the technical and fundamental aspects of Litecoin
The Litecoin network hash rate also reached an all-time high last week, reaching 670 TH/s (terahashes per second). It is currently 659 TH/s, having increased by 85% in the last 12 months. The mining difficulty, which measures the competition between miners, is also near its maximum levels.
In addition, the transaction value of the network has almost doubled in the last two weeks. It has risen from around $20,000 a day on January 11 to $46,000 a day on January 23, according to BitInfoCharts.
According to Messari senior analyst Tom Dunleavy, LTC has outperformed Bitcoin and Ethereal in the last three months and terms of one year.
The move could be ahead of Litecoin halve which is scheduled for August 3, 2023, just 190 days away. During the last cycle, LTC led the markets as it got close to his halving event in August 2019. This event will reduce the block rewards from 12.5 LTC to 6.25 LTC.
price perspective
All of these narratives have impacted Litecoin prices in recent weeks. The asset is currently trading at $91.06, after a 3.3% gain on the day. Bitcoin, comparatively, has only made 1.7% in the last 24 hours.
Litecoin topped $92 on Jan 23 and is on track to hit $100 over the next week if the market rally continues. Plus, he’s done 31% since the beginning of this year.
The asset is currently trading at an eight-month high, with the last time it broke above $100 in early May 2022. Also, looking at the longer time frame paints an even more bullish picture for LTC prices and your next move.
Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but will not be responsible for missing or inaccurate information. You agree and understand that you must use any part of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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