The nearly 90% growth of Litecoin can be attributed to its halving. Created in 2011, Litecoin was designed to facilitate faster transactions compared to Bitcoin. In the coming months, Bitcoin is also expected to undergo a similar event that will halve the number of tokens rewarded to miners.
Over the past year, Litecoin has outperformed Bitcoin with a 39% growth and the top 100 tokens with a 22% growth. However, Litecoin has recently experienced a slight decline after reaching a peak in early July. The halving is one of the factors contributing to the recovery of Bitcoin following the cryptocurrency crisis in 2022.
The potential increase in central bank interest rates introduces uncertainty to the cryptocurrency market, while traditional markets face instability due to rising government bond yields. Both Bitcoin and Litecoin are still significantly below their record highs achieved in 2021.
