Litecoin (LTC) search trend has hit a new yearly peak, according to the blockchain analytic platform, IntoTheBlock. The upcoming halving event – which is currently set for August 2nd – is likely to be a key driver for the heightened interest.
Halving events have been known to generate tremendous interest in the days leading up to the fact, as they increase the scarcity, which typically boots the value. Hence, the chatter around the crypto asset intensifying is a given.
- ITB’s latest data depicts a rising search trend for Litecoin amidst what experts consider the longest bear market in the history of the crypto industry.
- In fact, its price spikes in the past couple of weeks have coincided with peaks in social activity volume.
- Such a trend is common, especially ahead of halving, and if history repeats, the crypto asset is poised for a more upward breakout.
- Data suggest that its market cap increased by nearly 3x nine months following the last halving in 2019. With the crypto markets maturing, the upcoming halving could exert even more upward price pressure.
- For one, Litecoin re-entered the top 10 digital assets by market cap in July. Over the past month alone, it has gained over 26%. The crypto asset was currently trading at $97.05, up by more than 37% YTD.
- The current price trajectory, coupled with increased holding behavior demonstrated by long-term LTC holders, signals a potential acceleration in the crypto asset’s price.
- Meanwhile, the network activity has been picking up all year and more significantly since the beginning of April.
- The introduction of LTC 20 – an experimental standard of NFTs – could be another catalyst for such a trend.
- The LTC-20 standard has attracted more than 90,000 users, inscribing over a million ordinals.