Despite the recent decline in price, Litecoin (LTC) has experienced significant bullish momentum in various important growth indicators, such as the total number of daily active users. As the halving event approaches, all eyes are on Litecoin, with investors eagerly awaiting potential price movements and the continuation of its impressive upward trajectory.
Quick facts:
- Litecoin (LTC) witnesses impressive network growth ahead of the upcoming halving event in August.
- Daily active addresses and new addresses on the Litecoin blockchain show significant increases of 28% and 54.6% respectively in the past seven days.
- Litecoin’s total addresses surpass Ethereum’s, reaching a milestone of 200.7 million, indicating a growing interest in the cryptocurrency.
After a period of volatility, the number of daily active addresses and new addresses on the Litecoin blockchain has resumed an upward trajectory, showing a 7-day increase of 28% and 54.6%, respectively, according to data from IntoTheBlock as of June 19, 2023.
This surge in network activity comes just days after Litecoin’s total addresses surpassed Ethereum’s, reaching a milestone of 200.7 million, as reported by on-chain market intelligence platform Glassnode on June 17.
The recent growth in daily active and new addresses, as well as the overall number of addresses on the Litecoin chain, indicates a significant surge in interest in this popular cryptocurrency. In fact, Litecoin surpassed Bitcoin for the first time in terms of the number of new addresses per day, signaling its growing prominence in the market, according to on-chain analyst and LTC proponent Shan Belew. Additionally, Belew noted in a recent Twitter thread that Litecoin has experienced significant on-chain volume growth.
While the network’s activity growth can be attributed to various factors, one key driver is the upcoming Litecoin halving event, set to take place on August 3, 2023. Halving refers to a programmed reduction in the rate at which new LTC coins are awarded to miners. Occurring every four years, this impending halving will reduce the LTC block reward from the current 12.5 LTC to 6.25 LTC.
As the halving event approaches, investors and cryptocurrency enthusiasts are closely monitoring Litecoin’s network growth and price movements. The surge in network activity serves as a positive indicator of growing interest in Litecoin, and market participants are eager to see if the historical trend of price gains following halving events will manifest once again.
Litecoin (LTC) Price Analysis: LTC Trading at $77.03, Showing a 0.42% Decrease
As of the time of writing, Litecoin (LTC) is trading at $77.03, reflecting a slight decline of 0.42% for the day.
LTC/USDT price chart, Source: TradingView
Over the past month, the altcoin has experienced a significant drop of more than 15%. During this period, Litecoin’s price has exhibited a wide trading range, fluctuating between $72 and $96.6.
Historically, the price of Litecoin has frequently found support and experienced a rebound at the $65 level, indicating strong buying pressure and identifying it as the current support zone.
On the other hand, the nearest resistance zone is situated at $80. Previously, this level served as a support level, but now it may act as a barrier for further upward price movement.
Traders and investors will closely monitor Litecoin’s price action in the coming days to gauge whether it can break through the resistance levels and potentially regain upward momentum.
