Active headlines daily on Litecoin blockchain The pair saw a sharp rise despite days of uninteresting price action. The surge in active Litecoin addresses and public interest suggests that a price rise could be on the horizon.
Litecoin price action was generally left behind Last month, the cryptocurrency was struggling to maintain a positive price over the past 30 days. However, this may change very soon, as on-chain data suggests that fluctuations may occur very soon. Positive on-chain data, which comes in the form of daily active addresses, indicates increased network activity, which could lead to an increase in the price of Litecoin.
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Active Litecoin addresses see massive 75% spike
Yazid in Active addresses In general, it is a precursor to price spikes, especially when they occur in a short period of time. According to on-chain data from IntoTheBlock, Litecoin saw a massive spike of over 75% in the number of its daily active addresses, pushing the metric to its highest point since January. In particular, this increase saw the number of daily active addresses reach over 602,000 at one point during the week, over 100,000 more than those recorded on Ethereum.
Interestingly, this activity came amid a similar decline in the price of Litecoin. The altcoin has seen its value drop by 3.5% in the past seven days in a broader decline in the prices of many altcoins.
Likewise, IntoTheBlock noticed an increase in the number of Litecoin transactions. In particular, the number of transactions on Thursday reached 426,000, the highest level this month. However, it is important to note that the majority of these transactions were worth less than $10, and more than 174,000 transactions were worth less than $1.
Litecoin activity is rising!
Number of activists yesterday @litecoin Addresses surged 75%, reaching the highest level since January and outpacing Ethereum by more than 100,000.
Likewise, the number $LTC Yesterday, transactions amounted to 426 thousand.
While most of the increase… pic.twitter.com/YiSmHZGnP5
— IntoTheBlock (@intotheblock) June 7, 2024
Impact on the price of Litecoin
Overall, the spike in Litecoin addresses is a very positive sign for the network and hints at the potential for an exciting price rise. However, the positive momentum can end as soon as it starts, especially given the small transaction sizes.
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On the other hand, the increased activity may extend and translate into bullish momentum in the new week. This, in turn, could lead to higher prices and Litecoin outperforming many altcoins. The first resistance level to overcome is just above $80. Getting above $80 would trigger a free move to $85, which would then signal the bulls are back in control. However, Litecoin's rise to $200 remains bleak at the moment, as a move of this magnitude seems unlikely given the slowdown in recent price action.
Recently, the Litecoin network You've reached another important milestone By successfully completing 250 million transactions.
Featured image from TechCrunch, chart from TradingView
