Litecoin Integrates Lightning Network – In an attempt to expand its utility, Litecoin has integrated the lightning network. The general crypto market is in the green today. Bitcoin and other cryptocurrencies are recovering.
Litecoin (LTC) is one of the altcoins benefiting from the positive price adjustment. In the last 24 hours, its price has spiked over 7%, recovering some losses it had in the previous week.
The constant growth of the digital asset has brought about many speculations as to why it is. One of the speculations as to the growth of the coin is attributed to the recent integration of the lightning network.
For context, a Lightning Network is a layer-2 (L2) payment protocol layered on top of Bitcoin. It is the second layer of the Bitcoin blockchain. Its purpose is to reduce network congestion and speed up transaction time. It has been proposed as a solution to the Bitcoin scalability issue.
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Litecoin revealed earlier today on Twitter, that the first Lightning Network transaction has been done on its blockchain. It further revealed that the latest innovation is pushing Litecoins’ scalability up 10x. See the tweet below:
DYK: The very first @lightning transaction was made on #Litecoin?
One of the latest innovations to $LTC is #MWEB, giving Litecoin 10x scalability. https://t.co/ekSGVM9cCD
— Litecoin (@litecoin) May 14, 2023
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Since the introduction of the Lightning Network to the Bitcoin blockchain, it has worked effectively. Litecoin users are able to benefit from the versatility and scalability of the Lightning Network.
Other reasons for the Litecoin price growth
Aside from the point of view surrounding the Lightning Network integration, the Litecoin network is also slated to undergo its next halving in the coming months. The halving event is predicted to be a significant growth trigger for the Litecoin price because it will lower the rate of token generation.
Furthermore, the growth in popularity of the LTC-20 has brought a new utility to the Litecoin network. This makes it a more diversified blockchain protocol compared to others.
For investors, Litecoin has always been a high flyer and a high-performing token that can be used for both investment and payment purposes.
Litecoin (LTC) price today
CoinMarketCap data shows the live Litecoin price today is $86.84 USD. It has a 24-hour trading volume of $687,966,558 USD. Currently, Litecoin is ranked at #13 on the CoinMarketCap chart with a live market cap of $6,332,780,712 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.