Litecoin (LTC) has been making waves in the cryptocurrency industry with its impressive growth. The blockchain has recently seen a surge in network activity, indicating that price hikes may be on the horizon.
Despite the recent market crash, the price of Litecoin has seen a significant increase in the past week, rising over 16%. This surge in price has attracted the attention of Litecoin whales, who have been actively engaging with the network. According to a survey conducted by analysis platform IntoTheBlock, Litecoin’s blockchain currently processes an average of $2.85 billion in transactions daily, with over $100k per transaction.
This transaction volume represents more than 50% of Litecoin’s market value, which currently stands at $5.123 billion, making it the 23rd largest cryptocurrency in the market. Interestingly, the analysts at IntoTheBlock noted that Litecoin’s transaction average is higher than most Layer 1 cryptocurrencies. For example, Dogecoin, despite having roughly three times the market cap of Litecoin, only sees $590 million in large transactions. This suggests that there is significant whale activity on the Litecoin network.
As of now, the price of Litecoin stands at $68.39, with a 0.6% increase in the past 24 hours. It’s worth noting that this surge in activity on the Litecoin network is not a recent phenomenon. In June, the on-chain platform Santiment reported that the Litecoin blockchain recorded an average of 704,000 unique addresses interacting on the network, surpassing the 345 addresses from the previous month. This demonstrates a clear growth trend in recent weeks.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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