Litecoin (LTC) Price Skyrocketed 19.6 Percent In The Last Week, Here's Why!

LTC prices go up. (Photo; Doc. Panorama Crypto)

JAKARTA Litecoin (LTC), the 12th largest cryptocurrency by market capitalization, has experienced a significant increase in recent days. LTC managed to skyrocket 19.6 percent in one week.

LTC price performance surpassed the overall performance of Bitcoin and cryptocurrencies. At the time of writing, LTC is trading at IDR 1,382,944 per coin. In the last 24 hours LTC managed to rise 0.2 percent based on Coinecko data.

This increase puts LTC in second place as a top gainer, under a 36 percent LDO that flies. Litecoin's price increase has also led to a significant increase in the value of futures contracts or futures associated with the cryptocurrency.

Analysis of trading pairs, LTC/BTC pairs in Binance has also increased by more than 15 percent in the past week. The rise in LTC prices reflects similar movements in the overall crypto market. These upward trends can be observed through data provided by TradingView graphic platforms.

Meanwhile, according to Matrixport's Head of Research and Strategy, Markus Thielen, stated that he believes Litecoin has benefited from the problem of congestion transactions which has led to an increase in transaction costs in Bitcoin networks lately.

Thielen assessed that the growth of the Bitcoin Ordinarys built on the BRC-20 standard had resulted in nearly 400,000 unconfirmed transactions. The Bitcoin network bottleneck turned out to have a positive impact on its competitor, Litecoin. On May 10, the number of confirmed transactions and active addresses on the Litecoin network hit a record high of 580,000 and 830,000, respectively, according to Messari.

Commenting on Litecoin's soaring popularity, Thielen stated, "Litecoin has seen an increase of more than 17 percent in the past week as Bitcoin transaction fees have temporarily become expensive, and traders are looking for cheaper alternatives."