In the last five months, Litecoin (available on Coinbase) (LTC) has performed exceptionally in the cryptocurrency market and has grown 3.5 times. On Monday, Litecoin (available on Coinbase)’s price grew to its highest level in the last 12 months, rising to $128.07. The last time the price of the coin came close to that was last year on May 23 when it traded at $126.

LTC Performing Well Despite Market Fluctuations

Currently, Litecoin (available on Coinbase) is defying odds and continues to perform well despite the current market fluctuations. There has been mass adoption of Litecoin (available on Coinbase) that is driven by the growing usage of Litecoin (available on Coinbase) Onchain that may further drive the value of LTC. The growing trend of Litecoin (available on Coinbase) is a result of a combination of partnership and the growing popularity of the coin’s platform.

According to recent price action, LTC is surging to a higher value, and currently, it is up by over 30% since June 4 when it traded at $97. Over the same period, the world’s leading cryptocurrency by market share, Bitcoin (available on Coinbase), has only gained 7%.

The outperformance of the coin is likely a result of the mining reward halving that is expected in the next two months on August 8. The mining reward on the Litecoin (available on Coinbase) blockchain is expected to be halved to 12.5 coins per block from 25 coins.