Litecoin Active Addresses Surge By 75% In A Day, LTC Price Rally to $100 Soon?

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Litecoin Active Addresses Surge By 75% In A Day, LTC Price Rally to $100 Soon? – Crypto News

Published

2 years ago

June 7, 2024

Dripp

Litecoin, the silver to Bitcoin’s Gold, is once again seeing a massive surge in its daily active addresses. As per the latest on-chain data, the total Litecoin active addresses has also surged past that of Ethereum’s.

Litecoin Active Addresses Surge

On-chain data provider IntoTheBlock has reported a significant surge in Litecoin (LTC) activity. Yesterday, the number of active Litecoin addresses jumped by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000 active addresses.

Courtesy: IntoTheBlock

Additionally, Litecoin transactions also saw a substantial increase, hitting 426,000 in a single day. While most of this spike is attributed to transactions smaller than $10, there has been a notable rise in transactions of all sizes. This surge highlights the growing use and interest in Litecoin within the cryptocurrency market.

In another milestone achievement, the Litecoin network has now exceeded 250 million transactions amid LTC whale accumulation. The year 2024 has been particularly noteworthy for Litecoin, with the cryptocurrency processing over 40 million transactions, reflecting a significant increase in activity and interest.

Litecoin’s integration into numerous payment processors and merchant services globally has contributed to this growth. Its acceptance by major platforms and retailers has expanded its usability, driving both transaction volume and adoption.

LTC Price Action

As of press time, the Litecoin (LTC) price is facing some selling pressure trading 1.5% down at $84.17 with a market cap of $6.280 billion. The next price action for LTC depends largely on miner accumulation which has been going strong over the last month.

During the month of May, the Litecoin miners added more than 180,000 LTC to their custody. In June 2024, Litecoin’s price is poised for a significant recovery, edging closer to the $100 mark. Data-driven analysis suggests that if miners continue their month-long accumulation, currently totaling $15 million, LTC’s price could breach the crucial short-term resistance level near $92.

According to IntoTheBlock’s GIOMAP data trends, over 1.4 million current holders acquired 10.53 million LTC at a maximum price of $91.6. Profit-taking by these holders could impede Litecoin’s recovery at this level. However, sustained bullish support above $92 could pave the way for a swift rally towards the $100 milestone.