TL;DR Breakdown:
- Litecoin has surpassed Ethereum in terms of address activities.
- The price might break the $200 resistance if this momentum and demand are maintained.
There is currently a strong and growing on-chain activity on Litecoin, just as the community celebrates its 10th anniversary.
On-chain analytics platform Santiment reported Tuesday that the address activities on Litecoin have surpassed that of Ethereum for the third time in 2021. Note that LTC is common for payment purposes, while Ethereum is a bedrock of DeFi protocols. Thus, flippening Ethereum signifies how significant the address activities on LTC blockchain have become these past days.
LTC on-chain metrics look bullish
Santiment also pointed out that Litecoin’s payment count, i.e., the number of addresses receiving LTC, has reached a record high.
The growing network activities on the Litecoin blockchain coincide with the 10th-anniversary celebration. The 15th-largest cryptocurrency was launched on October 12, 2011, by Charles “Charlie” Lee to facilitate instant settlement. By dint of its fast and cheap transaction fees, LTC is now widely accepted across the world.
Judging by this, it’s worth mentioning that LTC is one of the most undervalued cryptocurrencies, and it has been underperforming the market. Despite being on the trend since Tuesday, the price has remained stalled. At the time of writing, LTC was trading at $169 on CoinMarketCap, with a market capitalization of $11.6 billion. There hasn’t been any noticeable increase in the price regardless of the growth in on-chain activities.
$200 Litecoin on target
LTC can retouch the $200 price mark if the network activities and demand explode even further. The last time Litecoin was around that level was last month, following the rumors that Walmart was planning to roll out support for Litcoin payments.
On the technique side, LTC looks set to blow-pass the $200 resistance this week. In our latest prediction piece, we explained that the price of Litecoin is about to break higher given a strong bullish momentum return on the market.
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