The ‘silver to Bitcoin’s gold’ has been strengthening this year. As a result, Litecoin prices are once again closing in on three figures.
Litecoin has been showing some serious gains recently. Furthermore, some analysts have suggested it could outperform Bitcoin in terms of gains.
The Litecoin network has achieved a number of on-chain milestones this month. It has processed its 141 millionth transaction, and more than $1 trillion has been moved on the network as payments increase.
Furthermore, the network transaction count has been stable and steady for the past year hovering around 100,000 per day, according to BitInfoCharts.
Litecoin Technicals and Fundamentals Improving
The Litecoin network hash rate also hit an all-time high last week, touching 670 TH/s (terahashes per second). It is currently 659 TH/s, having increased 85% over the past 12 months. Mining difficulty, which measures competition between miners, is also close to its peak levels.
Furthermore, network transaction value has almost doubled over the past fortnight. It has increased from around $20,000 per day on Jan. 11 to $46,000 per day on Jan. 23, according to BitInfoCharts.
According to Messari senior analyst Tom Dunleavy, LTC has outperformed Bitcoin and Ethereum over the past three months and one-year timeframes.
The move could be front-running the Litecoin halving which is scheduled for Aug. 3, 2023—just 190 days away. During the last cycle, LTC led markets as it approached its halving event in August 2019. This event will reduce block rewards from 12.5 LTC to 6.25 LTC.
Price Outlook
All of these narratives have impacted Litecoin prices over the past few weeks. The asset is currently trading at $91.06, following a 3.3% gain on the day. Bitcoin comparatively has only made 1.7% over the past 24 hours.
Litecoin topped $92 on Jan. 23 and is on track to hit $100 over the next week or so should the market rally continue. Furthermore, it has made 31% since the beginning of this year.
The asset is currently trading at an eight-month high, and the last time it topped $100 was in early May 2022. Additionally, looking at the longer time frame paints an even more bullish picture for LTC prices and its next move.
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