Why is Litecoin price up today?

The rate of Litecoin (LTC) sneaked higher on May 15 as the marketplace examined its entry into the thriving nonfungible token (NFT) mania. LTC price rallied by more than 6.5% on May 15 to around $87.50, becoming one of the best performers amongst the top-level crypto possessions like Bitcoin (BTC) and Ether (ETH). When determined from its market low of $40.25 in June 2022, ltc cost is up 115%. LTC/USD weekly rate chart. Source: TradingViewLitecoin releases its own token standardThe LTC rate rally appears two weeks after the development of the Litecoin Ordinals Protocol.The idea is similar to Bitcoins Ordinals Protocol, which enables people to mint NFTs– text, pictures, audio, video, and so on– atop the base blockchain utilizing a speculative BRC-20 token requirement, similar to Ethereums ERC-20.6/ Then any person can mint it totally free. All BRC-20 tokens are totally free mints without any pre-mine. In this example token the “lim” (limitation) was set to 1,000 and the “max” (max supply) was set to 21,000,000. Anybody can engrave a mint JSON which works till 21,000,000 tokens are minted. pic.twitter.com/Gqo8TLrQjR— Leonidas.og (@LeonidasNFT) May 8, 2023

LTC price rallied by more than 6.5% on May 15 to around $87.50, emerging as one of the best performers among the top-ranking crypto assets like Bitcoin (BTC) and Ether (ETH). LTC cost is up 115% when determined from its market low of $40.25 in June 2022. Source: MessariWhats next for LTC price?More network activity underscores increasing demand for LTC, which might have influenced Litecoins current cost gains. Source: TradingViewAs of May 15, LTC/USD was evaluating the channels upper trendline as support, which, if done successfully, might lead the price towards $130 by August, up about 50% from current cost levels.

Source: MessariWhats next for LTC price?More network activity highlights rising demand for LTC, which may have influenced Litecoins current rate gains. Source: TradingViewAs of May 15, LTC/USD was testing the channels upper trendline as assistance, which, if done effectively, could lead the price toward $130 by August, up about 50% from present rate levels. That imply a fall towards $25, down roughly 70% from current cost levels.This post does not include investment advice or suggestions.