Litecoin sees a 75% rise in active addresses, surpassing Ethereum, hinting at growing user interest.
LTC transactions surge, driven by under $10 transfers, reflecting increasing popularity among crypto enthusiasts.
Miners’ accumulation of 180,000 LTC in May boosts confidence, indicating potential price breakthrough to $100.
The number of daily active addresses for Litecoin (LTC), a cryptocurrency that’s sometimes alluded to as the ‘silver to Bitcoin’s ‘gold’, is encountering another critical uptick. As of late, Litecoin’s total dynamic addresses have even eclipsed Ethereum, agreeing to on-chain information. By the conclusion of June, this development might drive LTC costs up to $100.
On-chain data service IntoTheBlock noted a notable increase in Litecoin (LTC) activity as of June 7, 2024. According to a post by IntoTheBlock, as of late saw a 75% increment in Litecoin’s dynamic address number, which is higher than Ethereum by over 100,000 and at its most lifted point since January.
Litecoin Activity is Spiking!Yesterday, the number of active @litecoin addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000.Similarly, the number of $LTC transactions hit 426,000 yesterday.While most of the increase is… pic.twitter.com/YiSmHZGnP5
— IntoTheBlock (@intotheblock) June 7, 2024
Moreover, there was a striking surge in Litecoin exchanges, which came to 426,000 in a single day. There has been a noticeable increase in transactions of all sizes, indeed though the majority of this spike is connected to transactions under $10. This increment illustrates how Litecoin is getting to be increasingly popular among cryptocurrency users.
The Litecoin network has already exceeded 250 million transactions in another critical turning point amidst an amassing of LTC whales. With over 40 million transactions handled by the cryptocurrency, Litecoin has experienced a sharp rise in interest and movement in 2024, making it a very significant year.
Litecoin’s integration into various payment processors and merchant services globally has contributed to this growth. Its acceptance by large platforms and retailers has expanded its utility, driving transaction volume and adoption.
In the last 24 hours Litecoin (LTC) price faced some selling pressure, trading 4.8% lower at $80.03 with a market cap of around $6.280 billion. The next price action for LTC is highly dependent on miner accumulation which has been strong over the past month.
During May 2024, Litecoin miners added more than 180,000 LTC to their holdings. In June 2024, Litecoin price is expected to experience a significant recovery, approaching the $100 mark. Data-driven analysis shows that if miners continue their month-long accumulation, which currently stands at $15 million, LTC price could break an important short-term resistance level near $92.
Overall, Litecoin’s surge in active addresses and increase in transactions shows growing interest and usage of this cryptocurrency. The accumulation of miners and integration into payment services and merchants also supports Litecoin’s long-term prospects. If price action remains bullish above $92, LTC could head towards the $100 mark.
Litecoin’s future in the crypto industry looks promising with significant milestones being achieved. The increase in active addresses and transactions indicates growing user adoption and acceptance among merchants. With a strong network and potential price recovery to $100, Litecoin is well-positioned to capitalize on the expanding cryptocurrency market and remain a key player.
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The post Litecoin Active Addresses Skyrocket by 75%: Will LTC Prices Surpass the $100 Milestone? appeared first on Crypto News Land.