Blog

While the broader cryptocurrency market has come underneath promoting strain, the Litecoin (LTC) value has shot up by greater than 7.59% within the final 24 hours and is at the moment buying and selling at $87.05 with a market cap of $6.3 billion.

Litecoin has participated within the crypto market rally this yr and shot previous $100 twice in February and April respectively. But after going through a robust retracement to underneath $80, Litecoin (LTC) is as soon as once more choosing up an upward trajectory.

Market analysts imagine that the current push within the LTC value comes as Litecoin halving approaches nearer, scheduled forward this yr in August 2023. But with Litecoin halving nonetheless three months away, there’s one other issue at play behind the current Litecoin value rally.

Litecoin Active Addresses Jump With LTC20 Introduction

As per on-chain knowledge supplier Santiment, though the transaction volumes on the Litecoin community have jumped progressively, the overall variety of energetic addresses has surged considerably. Active addresses referees to these interacting addresses on the blockchain and making transactions.

But the excessive variety of energetic addresses and low transaction volumes counsel that each one the transactions are comparatively smaller in dimension. One potential motive behind this could possibly be the introduction of the LTC20 normal not too long ago.

As we all know, Litecoin has been following Bitcoin’s footsteps from the very starting. After Bitcoin launched the BRC-20 protocol, Litecoin additionally launched its LTC20 normal for non-fungible tokens (NFTs), and its implementation created a significant buzz available in the market. In its report, knowledge supplier Santiment notes:

When analyzing the LTC provide distribution, we will see that the smallest group of wallets, holding between 0 and 0.001 LTC, is rising quickly in tandem with the rise in energetic addresses. This correlation means that LTC20 may certainly be the driving power behind the energetic handle anomaly on the Litecoin community.

It shall be fascinating to see whether or not this Litecoin hype can proceed and whether or not the LTC value can breach previous $100 firmly with sturdy buying and selling volumes this time. Litecoin creator Charlie Lee is predicting an enormous post-halving LTC price rally forward this yr.

Previously, the LTC value confronted rejection at $103 ranges twice resulting in a pullback. Any breakout above it will set off the following rally.

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.