In a just lately printed tweet, on-chain knowledge company Santiment printed a tweet to share three causes for Litecoin (LTC) rising in worth on a weekly and every day foundation. The primary trigger is the approaching LTC halving occasion in August.

This is what’s been pushing LTC up

Since Might 25, Bitcoin offshoot Litecoin, additionally identified within the crypto neighborhood as digital silver, has elevated in worth by practically 14%, rising from $83.79 to the $94.57 degree, the place it’s buying and selling presently. Over the previous 24 hours, the expansion constitutes 6.86%.

Santiment analytics crew believes that there are three main causes for the expansion of this digital asset.

The primary and largest motive the consultants consider is the approaching halving of LTC scheduled for August. Throughout halving, miners’ rewards per block are minimize down by half. For the time being, miners obtain 12.5 LTC for each new block they discover. After the halving, it will likely be decreased to six.25 LTC.

There will probably be 35,760 blocks to search out till the following halving in 2027. A halving takes place each 4 years, initially carried out by mysterious Bitcoin creator Satoshi Nakamoto for BTC. The earlier occasion for LTC occurred in 2019.

The following Bitcoin halving is scheduled for 2024, with the earlier one occurring in 2020, throughout the pandemic.

The opposite two causes which were fueling LTC’s progress are a staggering two-year excessive within the quantity of LTC on-chain transactions, in addition to the most important spike in whale exercise because the begin of 2023.

⚡ #Litecoin‘s market worth is +6.5% previously 24 hours as its halving is now simply over 2 months away. This surge has been powered by an enormous 2-year excessive in on-chain transaction quantity, and the best whale exercise since January. https://t.co/AcOYEV18tP pic.twitter.com/5x3oHWrl2I

— Santiment (@santimentfeed) June 1, 2023

LTC reaches milestone on BitPay

Main international cost gateway BitPay spreads the phrase about Litecoin reaching a brand new milestone amongst its customers. In accordance with a tweet, LTC has grabbed second place on the dimensions of hottest cryptos transacted by way of BitPay.

Now, BitPay has introduced a giveaway of $250 price of LTC to 1 winner to have fun this outstanding milestone of LTC adoption and utility.

Litecoin has turn out to be the 2nd hottest cryptocurrency transacted through #BitPay.

To assist have fun we’re gifting away $250USD of #Litecoin to 1 (1) fortunate winner.

Do not miss out on this superior alternative!https://t.co/s1onN8BFrx pic.twitter.com/ETtPnOK7h0

— BitPay (@BitPay) June 1, 2023