Litecoin (LTC) Ousts Solana to Reclaim Top 10 Spot

Litecoin (LTC) has inked an impressive daily and weekly price growth amid a very fluid market volatility being experienced today. The Layer-1 Proof-of-Work (PoW) protocol has regained its spot in the top 9 of digital currencies, displacing Solana (SOL) to achieve the feat.

The Litecoin Bullish Run

Litecoin has been one of the most aggressive cryptocurrencies in terms of price surge this week. At the time of writing, the digital currency is valued at a price of $108.67 after an unprecedented growth of 28.93%. Breaching the $100 price level is a milestone in itself seeing the coin has not tested this level since April this year.

The recent growth push has given Litecoin a defined impetus on the weekly front. Per data from CoinMarketCap, the cryptocurrency is up 18.53% as the current growth momentum has helped it pare off the losses accrued within that time span.

Litecoin has recorded a number of unique milestones over the past few days. Besides recording more than 2 million transactions in the past week, Litecoin has also seen a steady growth in its mining difficulty which soared to a new All-Time High (ATH) of 26.38 M at block height 2,500,802.

The resilience of the coin is currently being complemented by the protocol’s deep liquidity which according to Kaiko’s ranking has helped placed LTC in the fifth position. Per the depth/volume metrics, Litecoin now lags behind only Bitcoin (BTC), Ethereum (ETH), XRP and Dogecoin (DOGE).

Litecoin has rejoined the Top 10!

But, $LTC is 5th in @KaikoData\\\\\\\\\\\\\\\’s Liquidity Ranking for Crypto Assets! Which combines market depth with volume. Liquidity is key!

— Litecoin (@litecoin) June 30, 2023

Potential Future Push

With Litecoin now reclaiming its spot as a top 10 cryptocurrency, the emphasis first remains in staying on this lane, then pushing forth to new highs. The coin has a number of positive fundamentals to look forward to, chief of whom is its upcoming halving event.

The Litecoin halving is slated to take place in August, a time when the rewards distributed to the miners on the network will be slashed by half. This event is ultimately designed to reduce the supply of the coin, thus helping to fuel its valuation in the long term.

Litecoin has also earned a good spot as a payment token with different integrations and partnerships to show for it.