Litecoin Surges 50%: Outpaces Bitcoin in Daily Transactions

• Crypto analytics firm IntoTheBlock notes that Litecoin (LTC) is closing in on Bitcoin (BTC) in terms of daily transactions.
• LTC is up more than 24% in the past 24 hours and more than 50% since the start of the year.
• Trader Peter Brandt says Litecoin has taken out a major resistance level following massive surge.

Litecoin Gains Momentum and Closes In On Bitcoin in Daily Transactions

Crypto analytics firm IntoTheBlock revealed that Litecoin (LTC) is gaining momentum and closing in on Bitcoin (BTC) in terms of daily transactions. At time of writing, LTC is trading at $105.56 and is up more than 24% over the last 24 hours.

Major Price Increase Since Start Of Year

Since the start of 2021, LTC has shown an impressive increase in price with more than 50%. IntoTheBlock noted that for the entire month of May, Litecoin came close to equalizing number of daily Bitcoin transactions, even processing over 500,000 daily transactions during one point this quarter.

Upcoming Halving Event

In anticipation for its upcoming halving event which occurs every four years – where block reward for mining LTC is cut by half – experts expect demand for Litecoin to rise as it reduces supply.

Significant Breakout Following Surge

Trader Peter Brandt shared his analysis on Twitter revealing that after a massive surge, Litecoin was able to break out from a major resistance level which had been keeping it range-bound throughout most of this year.

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Conclusion

With all these factors taken into consideration, it’s clear that Litecoin has gained significant traction over the past few months and may potentially rival or even surpass Bitcoin’s market share in terms of daily transactions.