2023-05-21 11:33:26 ET
Cryptocurrency prices remains gentle on Sunday, with most assets exhibiting mild bullishness. Meanwhile, Litecoin (LTC) tops the trend chart, following its impressive run over the previous week. The altcoin overcame its crucial resistance zone at $90, hovering within the $92 territory during this publication. LTC surged 2.04% within the previous 24 hours.
The PoW (proof-of-work) protocol retained a bullish bias over the past seven days, with prices increasing by 14%. That comes as the altcoin sees enhanced activity as market players anticipate the upcoming Litecoin halving event.
Similar to Bitcoin, Litecoin undergoes a halving event every four years. The latest tweets from the Litecoin community reveal that the halving is only 74 days away. The project’s enthusiasts have showcased increased conversations around the asset, boosting LTC’s price. Market participants remain optimistic as far as Litecoin’s long-term trajectory is concerned.
Why is the halving crucial?
Indeed, the crypto market remains somewhat bearish, with each token looking for catalysts to boost its near- and long-term trends. Litecoin seems to enjoy the craze, with the protocol reminding investors about its uptime potential since its launch.
Litecoin is a payment token, gaining increased popularity due to its stability. The project has never encountered downtimes and outages like other prominent projects (since its inception). Moreover, Litecoin plans the launch of LTC-20 standards to bring the use cases that have recently contributed to the Bitcoin blockchain growth.
Meanwhile, the upcoming Litecoin halving remains the leading event that makes LTC’s future price performance attractive. It will reduce the number/rate of mining new coins, introducing the scarcity factor.
Remember, scarcity is a recipe for price growth in the financial world. In that context, Litecoin has the potential to surge high in the upcoming sessions while the halving countdown continues.
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