Litecoin (LTC) continues to outperform other cryptocurrencies ahead of the much-awaited halving of its blockchain. Over the last seven days, the altcoin has averaged 5% in returns compared to just 1% for Bitcoin (BTC). Other cryptocurrencies continue to post mixed fortunes after a meteoric rise in the first half of the year.
The renewed interest stems from a growing interest in the mining halving process scheduled for August 6. With the halving, miners will end up getting just half of the coins they get now, with each new block mined. The halving process seeks to reduce the amount of LTC coins in circulation.
The fact that miners will end up getting 12.5 coins from 25 coins with each successful mine should lead to less circulation. Considering the forces of supply and demand, this explains why the coin is flying high ahead of the much-awaited event.
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Crypto analysts expect Litecoin to continue surging ahead of the big event given the strength of the upward momentum. The crypto is already up by more than 300% from this year’s lows. The analysts have also warned of a potential sharp pullback given that the event appears to be already priced in.
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Cryptos Growing Adoption
The resurgence in the crypto sector could as well be attributed to their increased usage, as well as an influx of institutional investment activity in the sector. Technology companies are increasingly finding ways to incorporate cryptos in their day-to-day operations, which has helped to add a layer of credibility after years of concerns.
Increased usage is one of the reasons the likes of Litecoin and Bitcoin are likely to continue rising. Store owners are increasingly adding support for cryptocurrencies as a means of completing transactions. LTC cryptocurrency holders can now use the coin in more than 39,000 places.
Some of the notable stores that accept Litecoin payments include Nordstrom and Barnes & Noble. Flexa Network is the latest network to add support for LTC payments in addition to supporting Bitcoin, Ethereum (ETH), and Bitcoin Cash (BCH).