Litecoin Sees Massive 75% Surge In Major Metric – Can This Trigger A Rally To $200?
09 Junho 2024 - 11:34AM
NEWSBTC
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. Related Reading: Scalpers Rejoice! Top Analyst
Predicts Chainlink (LINK) Short-Term Surge 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. 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. Related Reading: Cardano
Bloodbath? Sell-Off Raises Fears Of Imminent ADA Price Drop 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
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