thenewscrypto.com
- Litecoin showed a 12.81% increase in trading volume in the past 24 hours.
- The altcoin hit a new milestone in the number of transactions on Thursday.
The overall crypto market has shown signs of recovery in the past few days. Leading cryptocurrencies Bitcoin and Ethereum have witnessed a slight increase in prices. However, other altcoins are still struggling to maintain the recent bullish gains attained. In particular, Litecoin (LTC) exhibits a daily decline of 1.11% in market price.
According to IntoTheBlock reports, Litecoin, despite price drops, has witnessed an increase in on-chain activity. The token showed a notable 75% surge in wallet addresses on Thursday. Moreover, it has also surpassed Ethereum’s wallet holders by over 100K addresses. The number of wallet addresses has also reached the highest level since January 2024.
Furthermore, apart from a surge in users, LTC transactions have also increased multifold. On Thursday, the number of transactions reached a new milestone of 426,000. This has caught market attention as the activity shows an upsurge despite price declines in the past week.
Moreover, within the transactions, LTC has recorded a significant $16.4 billion of transactions over $100K according to IntoTheBlock data. Other transactions, particularly those below $10 were mostly responsible for the surge in Litecoin movements, as they depicted higher numbers. These inferences indicate a bullish trend in the on-chain activity of Litecoin.
Litecoin’s Price Overview
At the time of writing, Litecoin is trading at $84.50 with a trading volume of approximately $311 million. According to CMC data, Litecoin’s market price after showing an upward movement in the past two days, has reverted to a downward trend on Friday. Litecoin currently holds a market cap of $6.3 billion.
Zooming out, Litecoin’s monthly price performance has increased by 4.15% with a year-to-date increase of 15.57%. The altcoin’s short-term 9-day MA stands below the long-term 21-day MA indicating a recent bearish turn in market price. Additionally, Litecoin with an RSI of 48.94 shows neutral market sentiment according to TradingView data.