Daily active addresses on the Litecoin blockchain have seen a drastic uptick despite days of uninteresting price action. The substantial rise in active Litecoin addresses and overall interest suggests a price rally could be on the horizon.
Litecoin’s price movement has generally been left behind in the past month, with the cryptocurrency struggling to retain a positive price in the past 30 days. However, this could change very soon, as on-chain data suggests volatility could be happening very soon. The positive on-chain data, which comes in the form of daily active addresses, suggests increased network activity, which could increase the price of Litecoin.
Litecoin Active Addresses See Massive 75% Surge
Increases in active addresses are generally a precursor to price rallies, especially when they occur in a short period of time. According to on-chain data from IntoTheBlock, Litecoin has seen a massive surge of over 75% in its number of daily active addresses, pushing the metric to its highest point since January. Particularly, this surge saw the number of daily active addresses reach above 602,000 at some point during the week, over 100,000 more than those recorded on Ethereum.
Interestingly, this activity has come amidst a corresponding decrease in the price of Litecoin. The altcoin has seen its value drop by 3.5% in the past seven days in a wider decline in the price of many altcoins.
LTC market cap currently at $5.9 billion. Chart: TradingView.com
Similarly, IntoTheBlock noted an increase in the number of Litecoin transactions. Particularly, the number of transactions reached 426,000 on Thursday, which is its highest point this month. However, it is important to note that the majority of these transactions were worth less than $10, and over 174,000 transactions were worth less than $1.
Litecoin Activity is Spiking!
Yesterday, the number of active @litecoin addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000.
Similarly, the number of $LTC transactions hit 426,000 yesterday.
While most of the increase is… pic.twitter.com/YiSmHZGnP5
— IntoTheBlock (@intotheblock) June 7, 2024
Impact On The Price Of Litecoin
Overall, the huge uptick in Litecoin addresses is a very positive sign for the network and hints at the potential for an exciting price rally. However, the the positive momentum could end as soon as it started, especially considering the small transaction sizes.
On the other hand, the increased activity could extend and translate into bullish momentum in the new week. This in turn could kickstart a price run up and Litecoin outperforming many altcoins. The first resistance level to overcome is just above $80. Getting above $80 would set a free move to $85, which would then suggest that the bulls are back in control. However, Litecoin’s rally to $200 remains bleak at the moment, as move of that magnitude seems unlikely given the recent sluggish price action.
Recently, the Litecoin network reached another significant milestone by successfully completing 250 million transactions.
Featured image from TechCrunch, chart from TradingView
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.
With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.
Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.
Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @americanfork.business
