On May 15, Litecoin‘s price started to rise as the market evaluated its entry into the burgeoning nonfungible token (NFT) craze.
On May 15, LTC’s price increased by more than 6.5% to almost $87.50, making it one of the top performers among the most valuable cryptocurrencies like Bitcoin and Ether. When compared to its market low of $40.25 in June 2022, the price of LTC has increased by 115%.
Price of Litecoin
On May 2, the Litecoin Ordinals Protocol was released, enabling users to create NFTs on top of the basic blockchain using the BRC-20 token standard.
On May 9, according to BitInfoCharts.com, the total number of daily on-chain transactions surpassed a record high of over 576,700. Data from Santiment shows that following the release of the LTC-20 token standard, the overall number of active addresses on the Litecoin network has rose.
- Litecoin’s price started to rise as the market evaluated its entry into the burgeoning NFT craze.
- On May 15, LTC’s price increased by more than 6.5% to almost $87.50.
- LTC/USD was testing the upper trendline of the channel as support as of May 15.
Alongside the rise in active addresses, the lowest subset of wallets, which contain 0 to 0.001 LTC, is expanding quickly. The number of Litecoin whales, or organisations with more than 1,000 LTC in their own addresses, has decreased, indicating that they are less interested in the LTC-20 hype.
The excitement surrounding Litecoin’s impending halving in August has also increased the likelihood of LTC’s price increasing.
LTC/USD was testing the upper trendline of the channel as support as of May 15; if successful, this might cause the price to rise towards $130 by August, up roughly 30%.
