The ecosystem of Litecoin (LTC) has been making waves with its consistent growth in recent months. The blockchain has recently experienced a significant surge in network activity, hinting at a potential price rally in the near future.
Analysts at the on-chain platform Santiment conducted a survey, released on June 11, which revealed that the Litecoin blockchain saw an average of 704,000 unique addresses interacting on the network last week. This marked a substantial increase from the 345,000 addresses recorded the previous month, showcasing a clear growth trend in recent weeks.
Could an epic rally be on the horizon for Litecoin? The analysis pointed out the continuous rise of addresses on the network and its RSI index entering an opportunity zone, indicating that the LTC token might be poised for a recovery soon.
“Litecoin saw an average of around 704,000 unique addresses interacting on the network last week, compared to around 345,000 addresses in May. With the network doubling in active addresses and the RSI in an opportunity zone, a recovery in $LTC could be on the cards,” the analysis highlighted.
As of the time of writing, the price of Litecoin was sitting at US$77.90, showing a 1.7% decrease in the last 24 hours. The trading volume for Litecoin (LTC) stood at $532,101,418 in the past 24 hours, marking an 83.50% increase from the previous day and indicating a recent spike in LTC market activity.
Many cryptocurrency market enthusiasts are wondering if investing in Litecoin (LTC) is a good idea. A recent report revealed the impressive growth of the network, reaching new peaks and garnering attention in recent months due to its remarkable development.
Data released on June 7 by the analysis platform IntoTheBlock highlighted the increasing activity on the Litecoin network. On June 6, the number of active addresses on the network saw a remarkable 75% increase, pushing the blockchain to its highest level since January and surpassing Ethereum (ETH) by over 100,000 active addresses.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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