- Litecoin now processing $2.85 billion in transactions over $100k daily average
- Altcoin’s price hiked by over 13% in seven days, but trend might change
As a researcher with a background in blockchain technology and cryptocurrency analysis, I find the recent developments in the Litecoin (LTC) ecosystem quite intriguing. The network’s increasing activity levels and the resulting price surge are noteworthy indicators of its growing popularity and adoption.
I’ve noticed an uptick in network activity for Litecoin [LTC], indicating its increasing popularity and heavy usage. Simultaneously, its price has exhibited a bullish trend with double-digit growth. Let me delve deeper into the Litecoin ecosystem to gain a better understanding.
A look at Litecoin’s network activity
As a researcher investigating recent developments within the cryptocurrency sphere, I came across an intriguing tweet from Int0TheBlock. They revealed that Litecoin has been processing transactions worth approximately $2.85 billion, which surpasses its daily average of $100,000 by more than double. This significant transaction volume represents over half of Litecoin’s total market capitalization.
The size of this figure surpasses the norm for most Layer 1 platforms. To illustrate, Dogecoin records approximately $590 million worth of substantial transactions, even though its market capitalization is about three times smaller than Litecoin’s.
The recent advancements indicate a significantly elevated level of whale engagement on the Litecoin network.
As a researcher at AMBCrypto, I delved deeper into the network activity of Litecoin by examining Glassnode’s data. I discovered that the number of active addresses on the Litecoin network surged to approximately 478,000 on July 9th. Consequently, this rise in active addresses led to an increase in daily transactions on the blockchain during the same timeframe.
In simpler terms, the value derived from the blockchain appeared quite promising based on the charts’ upward trend regarding fees.
Litecoin bulls are back in action
As I analyzed the data, I noticed a significant uptick in network activity on the blockchain, indicating greater usage and adoption. In line with this trend, Litecoin (LTC) displayed bullish price action. Specifically, the altcoin experienced a surge of over 13% in value during the previous seven days. Furthermore, within the last day, LTC’s price appreciated by an additional 2%.
Currently, Litecoin is priced at $70.17 in the markets and holds a market capitalization exceeding $5.24 billion, positioning it as the crypto with a market value of the twenty-first largest rank.
After examining the data provided by Santiment, we noticed some intriguing metrics that could indicate a prolonged surge in Litecoin’s price. Specifically, the MVRV (Market Value to Realized Value) ratio for LTC experienced a significant spike during the previous week. This observation is often interpreted as a bullish sign in cryptocurrency markets.
As a crypto investor, I’ve noticed an intriguing trend recently. The number of large transactions, or “whale” transactions, has significantly increased. This indicates that there’s been a lot of whale activity in the market. Surprisingly, despite the recent price surge, the overall sentiment towards the coin remains bearish. You can tell this by looking at its declining weighted sentiment score.
At present, the LTC fear and greed index stood at 72%, suggesting the crypto market was exhibiting “greed” behavior. A reading of this magnitude typically signals an impending price adjustment.
Is your portfolio green? Check the Litecoin Profit Calculator
To examine potential support and resistance points for Litecoin, AMBCrypto analyzed its liquidation heatmap.
Based on our examination, if the bull market continues, it’s likely that LTC will reach around $71.8 in the near future. Conversely, should the trend shift, as hinted by certain indicators, investors could observe a decline in LTC down to approximately $68.
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2024-07-13 17:12