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The historic runner-up of Bitcoin, Litecoin (LTC), has awakened and seems to want to repeat the performance of the first two years of its life. halving. This halving of the reward, which occurs every 4 years for blockchains based on the Proof of Work consensus mechanism, has the effect of stimulating the demand for an asset whose issuance is gradually declining.
For info like fork of the Bitcoin source code, LTC miners can run the mining algorithm simultaneously and on the same machines dedicated to mining BTC.
Litecoin on the rise in view of its next one halving
Indeed, with the FTX shock just abating, LTC has started to show the first signs of impatience in reversing its downtrend. registering a 60% increase between November 9 and 24.
Since then, the cryptocurrency has started the new year pretty well.
It has posted solid gains after a second half of winter 2022, although it has held up better than most of its counterparts, showing only one average decline of 50% versus typical declines of 70-80%..
A popular cryptocurrency for payment providers
A resistance that could be explained by the fact that rather overlooked, if not despised, by the community that classifies it among the zombies, LTC continues its path as a utility cryptocurrency. Indeed, created from the beginning to compensate for the alleged inadequacies of pre-Lightning Network bitcoin, it offers transaction speed at low cost, while being able to handle large volumes. Ston DNA actually a The preferred cryptocurrency of payment providers. Thus, it continued to spread into the world of payment solutions (PaypalMoneyGram, BitPay…).
Also Grayscale's LTC fund show a performance to make the other assignments of the sick giant pale.
The specter of further bankruptcies could dash the promising momentum
Litecoin is now at a capitalization of 5,8 billion dollarsa 15 th in the ranking of cryptocurrencies second CoinGecko.
With a price of approx 81$ It's still far from its May 410, 10 peak of $2021and there is no guarantee it will return to its highs.
In particular, because the cryptocurrency market could still undergo dark sequences that would destroy any attempt to clarify, even if motivated by an expected event. The specter of the collapse of one or two industrial giantsBinance and/or the Digital Currency Group, continues to weigh on an ecosystem already weakened by the bankruptcy of major operators.
Liability disclaimer: This article is about the latest cryptocurrency news. It is not intended as financial investment advice. Any position taken must be accompanied by personal research and requires the crossing of several sources before taking the step. DYOR!
