Litecoin (CRYPTO: LTC) payments reached an all-time high (ATH) on Wednesday, as the cryptocurrency recorded 167 million transactions.
What Happened: Litecoin on its Twitter handle said that it ranks fourth in liquidity among all cryptocurrencies.
LITECOIN 🛒 Use for payments is at an ATH🔄167 million transactions🌎 Liquidity 4th in all of crypto🏗️ More people building on $LTC than ever before = priceless ⚡ pic.twitter.com/kwr50SDbMR
— Litecoin (@litecoin) June 22, 2023
LTC is up 15% in the last seven days, which is attributed to the approaching halving event. The halving takes place every four years and is a significant event in the crypto's protocol. Historically, the halving has been correlated with price gains for the cryptocurrency.
Litecoin has undergone two halving events in 2015 and 2019 and is set to experience its third one around August 2. The highly anticipated event will take place after 24,646 blocks have been mined.
Why It Matters: Crypto analyst Michael van de Poppe, predicts potential long opportunities ahead for Litecoin. Van de Poppe has identified $82-$84 and $78-$79 as two essential levels of interest for potential long opportunities.
I'm still expecting continuation on #Litecoin to happen.Two levels of interest;$82-$84 $78-$79Both levels are important for potential long opportunities, before $LTC continues grinding upwards. pic.twitter.com/v6FZQKZqof
— Michaël van de Poppe (@CryptoMichNL) June 22, 2023
Last month, pseudonymous analyst BlockchainSanta said that LTC may experience a potential 200% upside in the days leading up to the halving, based on the cryptocurrency's historic performance during previous halving events.
Price Action: At the time of writing, LTC was trading at $86, down 0.15% in the last 24 hours, according to data from Benzinga Pro.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.