- LTC’s rally has made it the talk of the town with increasing social mentions and engagements.
- LTC’s Open Interest rose to the highest level since the bull market phase of 2021.
Litecoin [LTC] was one of the top gainers in the crypto market in the past 24 hours, up 2.24% at time of publication, data from CoinMarketCap revealed.
In fact, LTC has been going from strength to strength over the past week and was within a stone’s throw of the psychologically significant $90.
The price increase added to Litecoin’s social volume as it was named “Coin of the Day” on May 15, according to a tweet from LunarCrush. This indicated that social mentions and engagements for the coin have increased dramatically.
The most recent increase in the price of LTC may be the result of a number of factors interacting.
Litecoin is coin of the day on LunarCrush! LTC was automatically chosen based on leading combined social + market performance.
Galaxy Score™ 51/100
AltRank™ 2/4389Real time #litecoin statistics: https://t.co/FgxN4SdNhb pic.twitter.com/ofLXznL8Ed
— LunarCrush (@LunarCrush) May 15, 2023
Is your wallet green? Check out the Litecoin Profit Calculator
Scalability push for Litecoin
The recent wave of transactions on Bitcoin [BTC] clogging the network and forcing exchanges to pause BTC withdrawals has reignited concerns about Bitcoin’s scalability problem.
To combat the growing congestion, crypto exchange Binance said it would integrate the Lightning Network – an L2 scaling solution intended to enable fast transactions.
Recently, in a comment on Binance, Litecoin revealed that it was the first to perform a Lightning transaction on the network, increasing scalability by up to 10 times. Amid the growing congestion on Bitcoin, users would be tempted to switch to Litecoin.
DYK: The very first @lightning transaction was made on #Litecoin?
One of the latest innovations in the field of $LTC is #MWEBgiving Litecoin 10x scalability. https://t.co/ekSGVM9cCD
— Litecoin (@litecoin) May 14, 2023
In addition, KuCoin Pool, a leading global cryptocurrency mining platform, has announced the launch of Litecoin and Dogecoin [DOGE] joint mining pool services. The joint mining service provides users with a more efficient and profitable mining experience.
This merged mining technology is also expected to increase overall rewards for LTC miners given the upcoming halving eventlasting just over two months will reduce mining incentives by half.
🚀 Get your mining equipment ready! #KuCoin Pool offers 0️⃣ mining fees for the first month of LTC mining.
⏰10:00:00 on May 16, 2023 to 00:00:00 on June 16, 2023 (UTC)
🥳Join now for a chance to win a share of 350 USDT!
— KuCoin (@kucoincom) May 15, 2023
Network activity continues to increase
As with BTC, LTC’s network activity has exploded to levels never seen before. Daily active addresses skyrocketed to an all-time high of 832,000 on May 10, while daily transactions also peaked on the same day.
The demand for the Litecoin network may have increased following the recent announcement of the LTC-20 token standard for Litecoin NFTs.
Source: Sentiment
How much are 1,10,100 LTCs worth today?
LTC’s upside momentum has led to a spike in speculative interest in the coin. LTC’s Open Interest (OI) par value rose to $434.22 million at the time of writing, the highest since the 2021 bull market phase.
An increase in price followed by an increase in OI indicates more money entering the market and confirms the upward trend.
Source: Coinglass
