The renewed surge in the crypto market has once again made Litecoin (LTC), one of the popular altcoins, stand out with its significant value increase recorded since the end of June. The recent upticks have enabled LTC to surpass the $110 mark.
Spot Bitcoin ETF’s influence on the market led the crypto market to regain its upward momentum. The leading cryptocurrency, Bitcoin (BTC), managed to surpass the $30,000 price level within a short time, and most of the cryptocurrencies in the market also recorded significant value increases during this period.
The total market value of the crypto ecosystem, according to CoinMarketCap (CMC) data, also rose to $1.2 trillion during this period. Litecoin (LTC), with its increases in recent weeks, took its place among the prominent cryptocurrencies in the market.
However, the question remains whether this uptrend in LTC will continue. According to CMC data, Litecoin (LTC) recorded an over 20% value increase in the past week and a 12.5% increase in the last 24 hours, accelerating its uptrend. LTC is among the top performers in the top 100 cryptocurrencies by market value in terms of percentage increase over the last week. Additionally, after its value increases in recent weeks, LTC re-entered the top 10 in the market value ranking according to CMC data.
Moreover, IntoTheBlock reported that the second quarter of 2023 was positive for Litecoin and that for the first time in this quarter, more than 500,000 daily transactions occurred on the Litecoin network: “Litecoin had an exciting quarter. The network carried out more than half a million daily transactions for the first time this quarter and approached the daily Bitcoin transaction number for the entire month of May.”
