Crypto investors are showing interest in Litecoin as the halving approaches.
Launched 12 years ago as a more transaction-friendly version of Bitcoin, Litecoin has resurfaced due to increased transaction fees on the Bitcoin Blockchain.
Crypto Investors Turning To Litecoin
Compared to the drop in the cryptocurrencies index, Litecoin is up almost 20 percent since May 8, when Bitcoin fees reached $30 per transaction. The increase in Bitcoin’s transaction fees was accompanied by the memecoin frenzy. However, users turned to cheaper alternatives. Litecoin led them.
According to data compiled by CoinMarketCap, Litecoin has a market cap of around $6.7 billion, making it the 11th largest cryptocurrency. Bitcoin has a market cap of around $516 billion.
The rally in Litecoin’s price is an example of how the proliferation of memetokens on the Bitcoin Blockchain has fluctuated in the crypto-asset space in recent weeks. Litecoin has also been backed by speculators accumulating before an event on its blockchain known as halving, where the rewards miners receive for securing transactions are reduced to limit the token supply. The Litecoin halving is expected to occur in late July or early August.
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