{"id":612143,"date":"2024-06-09T14:34:13","date_gmt":"2024-06-09T14:34:13","guid":{"rendered":"https:\/\/wncen.com\/?p=612143"},"modified":"2024-06-10T12:35:46","modified_gmt":"2024-06-10T12:35:46","slug":"litecoin-sees-massive-75-surge-in-major-metric-can-this-trigger-a-rally-to-200","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin-sees-massive-75-surge-in-major-metric-can-this-trigger-a-rally-to-200\/","title":{"rendered":"Litecoin Sees Massive 75% Surge In Major Metric – Can This Trigger A Rally To $200?"},"content":{"rendered":"

Daily active addresses on the <\/span>Litecoin blockchain<\/span><\/a> 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.<\/span><\/p>\n

Litecoin’s price movement has generally been <\/span>left behind<\/span><\/a> 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.<\/span><\/p>\n

Related Reading: Scalpers Rejoice! Top Analyst Predicts Chainlink (LINK) Short-Term Surge<\/a><\/div>\n

Litecoin Active Addresses See Massive 75% Surge<\/b><\/h2>\n

Increases in <\/span>active addresses<\/span><\/a> 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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

\"\"
LTC market cap currently at $5.9 billion. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

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.<\/span><\/p>\n

\n

Litecoin Activity is Spiking!<\/p>\n

Yesterday, the number of active @litecoin<\/a> addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000.<\/p>\n

Similarly, the number of $LTC<\/a> transactions hit 426,000 yesterday.<\/p>\n

While most of the increase is\u2026 pic.twitter.com\/YiSmHZGnP5<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) June 7, 2024<\/a><\/p><\/blockquote>\n

Impact On The Price Of Litecoin<\/b><\/h2>\n

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.<\/span><\/p>\n

Related Reading: Cardano Bloodbath? Sell-Off Raises Fears Of Imminent ADA Price Drop<\/a><\/div>\n

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.\u00a0<\/span><\/p>\n

Recently, the Litecoin network <\/span>reached another significant milestone<\/span><\/a> by successfully completing 250 million transactions.<\/span><\/p>\n

Featured image from TechCrunch, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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.\u00a0 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\u2026 pic.twitter.com\/YiSmHZGnP5 \u2014 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.\u00a0 Recently, the Litecoin network reached another significant milestone by successfully completing 250 million transactions. Featured image from TechCrunch, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":555569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,10,2828],"class_list":["post-612143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-litecoin","tag-ltc"],"acf":[],"yoast_head":"\nLitecoin Sees Massive 75% Surge In Major Metric<\/title>\n<meta name=\"description\" content=\"Daily active addresses on the Litecoin blockchain have seen a drastic uptick despite days of uninteresting price action. 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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\u2019s 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\u2019s 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. 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