The majority of cryptocurrencies, including Bitcoin (BTC), are currently in the green, signalling a clear rebound in the ecosystem of digital currencies. After printing a 7% increase to offset some of the losses it sustained over the previous week, Litecoin (LTC) is one of the protocols whose price has increased significantly today.
Litecoin has increased by 6.54% week-to-date, pushing its current market price to $87.11. Numerous hypotheses that might support the rise of the digital currency have been given by its constant growth. The most recent integration of the Lightning Network is one of the theories or factors allegedly driving the rise of Litecoin.
According to the protocol, the first Lightning Network transaction was completed on the Litecoin blockchain, enabling the network to scale up to 10 times faster.
Built mostly on the Bitcoin blockchain, the Lightning Network is a Layer 2 technology that facilitates quick and inexpensive transactions.
Since its introduction to the Bitcoin protocol, it has operated well, and with the most recent Litecoin Lightning Network transaction, its adaptability is furthered to the advantage of all Litecoin users.
Other key Litecoin growth triggers
In addition to the enthusiasm for the Lightning Network integration, the Litecoin network is also anticipated to experience its subsequent halving in the coming few months. Given that it is anticipated to slow down the creation of new tokens, the halving event has been predicted to be a significant growth catalyst for the price of Litecoin.
Additionally, the Litecoin network now has a new use thanks to the rising popularity of LTC-20 tokens, giving it a more flexible and varied blockchain technology than its rivals. For investors, Litecoin has always been a high flyer and a high performing cryptocurrency that can be used for both investment and payment purposes.
