Litecoin Overtakes Ethereum In This Metric – What’s Happening?
08 Giugno 2024 - 4:00PM
NEWSBTC
The price of Litecoin (LTC) has had a disappointing performance in
the second quarter of 2024, despite making a positive start to the
year. The cryptocurrency has been facing significant bearish
pressure in the past day, with its price falling by nearly 5% in a
single move. Despite LTC’s apparent struggles in terms of price
action, its network has witnessed remarkable growth in recent
weeks. LTC Addresses Spike By 75% In A Single Day According
to data from the on-chain analytics firm IntoTheBlock, activity on
the Litecoin blockchain has been on the rise lately. On Thursday,
June 8th, the number of active addresses on the network surged by
over 75% to claim above 600,000. Related Reading: Is A Bitcoin
Crash Below $50,000 Still Possible? Crypto Analyst Shares The
Possibilities IntoTheBlock revealed – via a post on the X platform
– that this latest spike in addresses pushed the Litecoin network
to a new high since January. This suggests increased interest in
the LTC blockchain despite its coin’s price struggles. When the
number of addresses with a balance increases, it implies the entry
of fresh investors or the return of old owners to a blockchain
(Litecoin, in this case). It is often a strong indication of net
adoption or rising faith in a particular network. Interestingly,
the crypto intelligence firm highlighted that this recent growth
spurt has propelled Litecoin ahead of the smart contract platform
Ethereum in terms of active addresses. The network is well ahead of
Ethereum by at least 100,000 addresses, according to IntoTheBlock.
The number of active addresses is not the only area in which
Litecoin has seen growth in the past day. The volume of
transactions also experienced a significant increase. According to
IntoTheBlock’s data, the number of LTC transactions surpassed
426,000 on Thursday. The on-chain analytics platform noted: While
most of the increase is due to transactions smaller than $10, there
is a noticeable rise in transactions of all sizes. Impact On
Litecoin Price Strong fundamentals and network growth have been
known to drive the price of crypto assets in many scenarios. In
simple terms, an increase in network activity and users often
translates to an increase in the network’s valuation. Related
Reading: Injective (INJ) Price Set To Skyrocket 33% On Classic
Bullish Signal: Crypto Analyst However, the impact of network
fundamentals on asset prices is never straightforward. In
Litecoin’s case, there has been no significant positive development
in its price since the latest on-chain revelation. As of this
writing, the price of LTC stands around $80.28, reflecting a 4.5%
decline in the past day. Featured image from Getty, chart from
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