The worth of Litecoin (LTC) has had a disappointing performance within the second quarter of 2024, despite making a positive begin to the yr. The cryptocurrency has been facing significant bearish pressure previously day, with its price falling by nearly 5% in a single move.
Despite LTC’s apparent struggles by way of price motion, its network has witnessed remarkable growth in recent weeks.
LTC Addresses Spike By 75% In A Single Day
In accordance with data from the on-chain analytics firm IntoTheBlock, activity on the Litecoin blockchain has been on the rise currently. On Thursday, June eighth, the variety of energetic addresses on the network surged by over 75% to say above 600,000.
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IntoTheBlock revealed – via a post on the X platform – that this latest spike in addresses pushed the Litecoin network to a recent high since January. This implies increased interest within the LTC blockchain despite its coin’s price struggles.
LTC’s every day energetic addresses experience massive spike | Source: IntoTheBlock/X
When the variety of addresses with a balance increases, it implies the entry of fresh investors or the return of old owners to a blockchain (Litecoin, on this case). It is commonly a powerful indication of net adoption or rising faith in a specific network.
Interestingly, the crypto intelligence firm highlighted that this recent growth spurt has propelled Litecoin ahead of the smart contract platform Ethereum by way of energetic addresses. The network is well ahead of Ethereum by at the very least 100,000 addresses, in response to IntoTheBlock.
The variety of energetic addresses just isn’t the one area wherein Litecoin has seen growth previously day. The amount of transactions also experienced a big increase. In accordance with IntoTheBlock’s data, the variety of LTC transactions surpassed 426,000 on Thursday.
The on-chain analytics platform noted:
While a lot of the increase is because of transactions smaller than $10, there may be a noticeable rise in transactions of all sizes.
Impact On Litecoin Price
Strong fundamentals and network growth have been known to drive the value of crypto assets in lots of scenarios. In easy terms, a rise in network activity and users often translates to a rise within the network’s valuation.
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Nonetheless, the impact of network fundamentals on asset prices is rarely straightforward. In Litecoin’s case, there was no significant positive development in its price because the latest on-chain revelation.
As of this writing, the value of LTC stands around $80.28, reflecting a 4.5% decline previously day.
LTC price hovers across the $80 mark on the every day timeframe | Source: LTCUSDT chart on TradingView
Featured image from Getty, chart from TradingView