Litecoin (LTC) has added more than 12% in value over the past seven days and broke into the top ten altcoins.
The LTC rate on the night of Wednesday, May 17, strengthened to $89.42. Cryptocurrency capitalization exceeds $6.519 billion.
Its closest competitor is Tron (TRX), which has a capitalization of $6.371 billion.
On Tuesday, Litecoin posted an increase of about 6.5%, while Bitcoin and Ethereum, by contrast, traded in a bearish phase.
In June 2022, LTC hit a bottom at $40.25. After that, the price of the altcoin skyrocketed by 115%.
One of the cryptocurrency growth drivers was the launch of NFT on the LTC blockchain. Users were able to create text and other files in the form of LTC-20 standard tokens.
A report from Santiment says that the launch of NFTs on Litecoin has contributed to a surge in network activity.
The most active addresses were holding from 0 to 0.001 LTC. However, whales controlling more than 1,000 coins showed less interest in LTC-20 tokens.
Halving, which will take place in August, also fuels the interest of users in Litecoin.
Some observers predict that the cryptocurrency will rise to $130 by the end of summer. However, after the halving, they do not rule out that Litecoin will enter a bearish phase and crash to $25.
