Is Investing in Litecoin Worth It? Recent Survey Shows Impressive Growth
Cryptocurrency enthusiasts are eager to determine if investing in Litecoin (LTC) is a wise decision. A recent survey has shed light on the network’s significant growth, pushing blockchain technology into the spotlight with its remarkable progress in recent months.
Data released on June 7th by the analysis platform IntoTheBlock revealed a surge in activity on the Litecoin network. On June 6, the number of active Litecoin addresses spiked by an impressive 75%, reaching its highest level since January. This surge propelled the blockchain to surpass Ethereum (ETH) by over 100,000 active addresses.
The survey also indicated that the number of LTC transactions hit 426,000 on June 6. Despite most transactions being under $10, there was a noticeable increase in transactions of all sizes, signaling widespread activity on the network.
At the time of publication, the price of Litecoin was at US$83.84, experiencing a slight 1.8% decrease in the last 24 hours. The trading volume for LTC reached US$313,304,016, marking a 19.40% increase from the previous day and indicating a surge in market activity. Over the past 30 days, the LTC token has seen a 4.0% price appreciation.
Since March, Litecoin has been showing significant movement within its network, hinting at potential future growth for the cryptocurrency and boosting investor confidence. In April, the LTC blockchain experienced a surge in transaction volume, with token holders taking advantage of market fluctuations at the time.
Cryptocurrency analytics platform Santiment highlighted in an April analysis that LTC transactions were notably higher than usual, contributing to a substantial recovery in the cryptocurrency’s value.
It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, the number of large Toncoin transactions has increased by 237.5%, while Bitcoin ETFs have reached a milestone with record inflows of $887 million.