Many enthusiasts of the cryptocurrency market are eager to find out if investing in Litecoin (LTC) is a worthwhile endeavor. A recent survey has shed light on the impressive growth of the network, propelling blockchain technology into the spotlight with its remarkable advancements in recent months.
Data released on June 7th by the analysis platform IntoTheBlock revealed a surge in activity on the Litecoin network. On June 6th, the number of active addresses on the Litecoin network saw a remarkable increase of 75%.
This significant spike pushed the blockchain to reach its highest level since January, surpassing Ethereum (ETH), the second largest blockchain, by over 100,000. The survey also showed that the number of token transactions on Litecoin reached 426,000 on June 6th, with a notable increase in transactions of all sizes.
As of the time of publication, the price of Litecoin was quoted at US$83.84, experiencing a 1.8% decrease in the last 24 hours. The trading volume for LTC was US$313,304,016, marking a 19.40% increase compared to the previous day, indicating a recent surge in market activity. Over the last 30 days, the price of the LTC token has appreciated by 4.0%.
Since March, Litecoin has been witnessing significant movement within its network, highlighting potential future growth for the cryptocurrency and boosting investor confidence. In April, the Litecoin (LTC) blockchain saw an unusual increase in transaction volume as token holders capitalized on the market crash at that time.
Cryptocurrency analytics platform Santiment observed in an April analysis that LTC transactions were notably higher than normal, contributing to a substantial recovery in the cryptocurrency. It is essential to note that investing or trading in cryptocurrencies carries a risk of financial loss, and the views expressed in this article are for informational purposes only.
In other news, the number of large Toncoin transactions has surged by 237.5%, while Bitcoin ETFs have achieved a milestone with a record $887 million in inflows, further solidifying their position in the market.
