Litecoin, one of the largest cryptocurrencies in the world, is gearing up for a major update that could pave the way for the future of the blockchain. Members of the Litecoin community have been testing a new experimental standard called LTC-20, which is based on the popular BRC-20 standard used for Ordinals and inscriptions on the Bitcoin blockchain.
Colin Wu, a well-known Chinese crypto journalist, reported on the new standard and its potential implications for the Litecoin network. According to Wu, the new standard could open up exciting possibilities for the blockchain and its users, allowing for the creation of a “lite” version of Ordinals that could run on the LTC-20 standard.
The community has already launched a test token for the new standard, called LTC Ordinals. While it is still in the experimental phase, the token could become a major player in the crypto space if it gains widespread adoption. For context, BRC-20 tokens issued on BTC Ordinals boast a daily transaction volume of over $900,000, which bodes well for the future of the LTC Ordinals project.
As the Litecoin Punks project informed the crypto Twitter community, the first LTC-20 token has reached 20% minted status and has already garnered 4,000 inscriptions for punk holders. With an initial supply of 84 million, the LTC-20 standard could pave the way for more efficient and user-friendly transactions on the Litecoin network.
The Upcoming Litecoin Halving: Charlie Lee Speaks on a Possible LTC Path
The Litecoin network has been undergoing several notable developments since the start of the year, including the highly anticipated third halving event that is set to take place in about 90 days. This update is fueling a bullish outlook for the asset, as halving events typically reduce block rewards and historically boost the price of cryptocurrencies like LTC and BTC.
Litecoin creator Charlie Lee recently spoke about the upcoming halving event and its potential implications for the price of LTC. He predicts at least a 10% rally in LTC’s price against BTC, which has many traders and investors excited about the future of the cryptocurrency.
Lee also noted in a tweet on May 2 that he has set a price target for LTC after the halving event in August. This was a surprising move for Lee, who had never publicly discussed price targets for Litecoin before. At the moment, Litecoin is valued at a few points over 1% of Bitcoin, but Lee believes that the asset has a lot of potentials and could see a significant price increase in the coming years.
Some of the features that make Litecoin an attractive investment include its higher throughput by design, scalability with extension blocks, and better fungibility and privacy from MWEB. Lee predicts that the LTC/BTC price could reach 0.025 after the halving event in August. This is a significant increase from its current price of 0.003.
In the next bull market, which Lee predicts will occur around the time of Bitcoin halving in 2024, he believes that the LTC/BTC price could trade at 0.0125. On the downside, he does not expect the LTC price to drop below 1% at 0.0025.
The Litecoin halving event is set to take place on August 2. Furthermore, the current block reward is 12.5 coins per block. After the halving, the block reward will decrease to 6.25 coins per block. This could have a significant impact on the price of LTC in the short and long term.
What Is LTC Doing at the Moment?
Litecoin remains in a quiet trading mood as bears continue to hunt for a breach below the $85 mark. Thankfully, it appears to be failing. Though the crypto market began the month on a bearish note, it’s not likely to be sustained. Additionally, market sentiment continues to improve by the day. Bears are also going to have a hard time breaking that critical mark in the current low-volatility environment, as highlighted by the ATR indicator.
Over the coming weeks, we should see Litecoin stage a bullish recovery and retest the critical $101 resistance level.
LTC Statistics Data
Current Price of LTC: $88
Market Cap: $6.29B
Circulating Supply: 72.8M
LTC Total Supply: 84M
Market Ranking: #12
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