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Touted as digital silver to Bitcoin’s gold, Litecoin has suddenly awakened, putting on nearly 20% in 4 days.
Like a blast from the past Litecoin has perhaps put itself into the reckoning again after a short, sharp rally. Like Bitcoin, Litecoin has a halving where the block rewards for miners are cut in half. This halving event is now on the horizon, and is expected to take place in July or August of this year.
Litecoin's recent surge of 20% exemplifies the growing interest in diversifying cryptocurrency portfolios. As investors become more sophisticated, they recognize the need to explore beyond Bitcoin's dominance and explore other avenues.
Faster and more efficient than Bitcoin
One of Litecoin's key differentiators lies in its technology. Created by Charlie Lee, a former Google engineer, Litecoin boasts faster block generation times and a more efficient mining algorithm compared to Bitcoin.
This distinction makes Litecoin capable of processing transactions four times faster, offering increased scalability and improved transaction speeds. These features position Litecoin as a possible solution for everyday transactions, where speed and efficiency are paramount.
Litecoin's resilience owes much to its community, which has weathered the challenges of the last few years, fostering a dedicated network of enthusiasts who actively promote and develop the currency.
The Litecoin price history
The Litecoin price is currently sitting at $92.60. This is a strong area of resistance, and should $LTC manage to flip this into support, we could see a sustained run that could take the token a lot higher.
Back in 2017 at the height of that crypto bull run, $LTC rose as high as $373 before sinking into the ensuing awful bear market that saw the token plumb the depths to around $21.
A rally into mid 2019 saw Litecoin get back to $145, before the bears took over once again and Litecoin sank again to its lowest point at $20. From here it began its most glorious ascent yet, reaching $413 in May 2021.
This was the first top for this particular bull run, and where Bitcoin surpassed this, Litecoin was only able to hit $295 for its second top at the end of the bull run in November of 2021.
Whether Litecoin is able to see such glory days again is a moot point. However, with its halving approaching it could potentially see some strong gains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.