Litecoin has begun the month with a rally, rising 7% over the last 24-hours, with bulls noting the network’s halving in two months and a significant uptick in network activity in May. LedesmaLyllah reports
“Because of Ordinals and BRC20 tokens taking up large shares of transaction volume on Bitcoin of late, fees have increased as well as the time to process transactions on the network,” said Brent Xu, chief executive officer and co-founder of“Litecoin, in a sense, is an old-school clone of BTC and in turn serves a similar purpose,” added Xu.
Nauman Sheikh, Head of Protocol and Treasury Management at Wave Digital Assets, agreed that the halving is influencing the current price performance, noting a 30% rise in open interest for litecoin futures and perpetual contracts during the last week of May.
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