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In a recently published tweet, on-chain data agency Santiment published a tweet to share three reasons for Litecoin ($LTC) increasing in price on a weekly and daily basis. The main cause is the approaching $LTC halving event in August.
Here's what's been pushing $LTC up
Since May 25, Bitcoin offshoot Litecoin, also known in the crypto community as digital silver, has increased in price by nearly 14%, rising from $83.79 to the $94.57 level, where it is trading currently. Over the past 24 hours, the growth constitutes 6.86%.
Santiment analytics team believes that there are three major reasons for the growth of this digital asset.
The first and largest reason the experts believe is the approaching halving of $LTC scheduled for August. During halving, miners' rewards per block are cut down by half. At the moment, miners receive 12.5 $LTC for every new block they find. After the halving, it will be reduced to 6.25 $LTC.
There will be 35,760 blocks to find until the next halving in 2027. A halving takes place every four years, initially implemented by mysterious Bitcoin creator Satoshi Nakamoto for BTC. The previous event for $LTC occurred in 2019.
The next Bitcoin halving is scheduled for 2024, with the previous one occurring in 2020, during the pandemic.
The other two reasons that have been fueling $LTC's growth are a staggering two-year high in the volume of $LTC on-chain transactions, as well as the biggest spike in whale activity since the start of 2023.
⚡ #Litecoin's market value is +6.5% in the past 24 hours as its halving is now just over 2 months away. This surge has been powered by a massive 2-year high in on-chain transaction volume, and the highest whale activity since January. https://t.co/AcOYEV18tP pic.twitter.com/5x3oHWrl2I
— Santiment (@santimentfeed) June 1, 2023
$LTC reaches milestone on BitPay
Leading global payment gateway BitPay spreads the word about Litecoin reaching a new milestone among its users. According to a tweet, $LTC has grabbed second place on the scale of most popular cryptos transacted by means of BitPay.
Now, BitPay has announced a giveaway of $250 worth of $LTC to one winner to celebrate this remarkable milestone of $LTC adoption and utility.
Litecoin has become the 2nd most popular cryptocurrency transacted via #BitPay.
— BitPay (@BitPay) June 1, 2023
To help celebrate we're giving away $250USD of #Litecoin to one (1) lucky winner.
Don't miss out on this awesome opportunity!https://t.co/s1onN8BFrx pic.twitter.com/ETtPnOK7h0