Litecoin $LTC is the second-best performing cryptocurrency of the past 24 hours. The rally may soon run out of steam, one analyst said. godbole17 reports
, which are built with Ordinals and stored on the Bitcoin base blockchain. At one point, Bitcoin's blockchain showed nearly 400,000 unconfirmed transactions, a number greater than anything seen during the bull market frenzy of 2021., making Litecoin's network busier than ever. On May 10, the number of confirmed transactions and active addresses reached a record high of 580,000 and 830,000, respectively, per Messari.
"Litecoin prices have rallied by +17% during the last week as Bitcoin transaction costs became temporarily expensive and traders sought cheaper alternatives," Thielen said in a note to clients on Thursday.Litecoin's price may decline in the coming weeks as the network congestion on Bitcoin is easing. Further, past data shows sellers tend to be dominant in 50 days heading into mining reward halving, a programmed code that reduces the pace of supply expansion every four years.
"Instead of chasing LTC into the halving, traders could set up shorts as the momentum turns potentially lower," Thielen added.
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