LTC Surpasses Bitcoin and Ethereum in Network Activity Litecoins Rise
Litecoin (LTC) has outperformed Bitcoin (BTC) and Ethereum (ETH) in a key metric that reflects network activity, user base, and demand. In early June, Litecoin recorded more daily active addresses than the top two cryptocurrencies for the first time.
In the past seven days, Litecoin has seen a significant 110% increase in daily active addresses, reaching 728,000. This data was obtained from Santiment on June 11, with Bitcoin having 593,000 daily active addresses and Ethereum with 419,000.
Despite this achievement, Tether’s U.S. dollar stablecoin (USDT) continues to dominate the market in terms of daily active addresses. Bitcoin and Ethereum also maintain a higher average network activity over the last 30 days, according to Santiment’s screener.
On a different note, USDT on the BNB Chain alone boasts 781,140 daily active addresses, while Bitcoin, Ethereum, and Litecoin have 653,510, 466,770, and 465,720 respectively.
Analyzing Litecoin’s price amidst the increased network activity, it is evident that the growth in network activity signifies a rising demand for Litecoin’s solution. The surge in active addresses could imply a growing user base, which may impact LTC’s market price.
From a technical standpoint, LTC faces challenges in the price range of $77 to $88, currently trading at $78.83. It hovers near the support level of the range and below the 30-day exponential moving average of $82.76. The daily relative strength index (RSI) suggests weak momentum for Litecoin despite the notable network activity.
With a market cap of $5.88 billion, Litecoin’s value is significantly lower than Bitcoin’s $1.32 trillion and Ethereum’s $422.71 billion. It is important to note that daily active addresses alone do not provide a comprehensive picture of network activity, and factors like on-chain transactions and trading volume should also be considered.
Investors are advised to exercise caution and stay informed about developments in the cryptocurrency market and industry to make informed decisions. Please remember that the content presented here is not investment advice, and investing in cryptocurrencies carries risks.