LTC Price Soars: Why is Active Address Hitting ATH?

Summary of Article

  • The Litecoin network has released new LRC-20 standards, causing the Litecoin Daily Active Address to surge to 900K.
  • Transaction count for Litecoin has also jumped significantly and its social dominance is increasing with respect to other top 100 tokens by market cap.
  • The rising dominance of Litecoin suggests that the LTC price is likely to continue in an upswing trend in the near future.

Litecoin’s Network Strengthening

The crypto space has been facing a roller coaster ride ever since Bitcoin marked an interim high close to $31,000. Most tokens, including Bitcoin, have been trading in a bearish trend with multiple attempts to rise failing. But amid these bearish market sentiments, Litecoin (LTC), the lite version of Bitcoin, has shown remarkable bullish momentum as its network strength continues to soar.

This jump was caused by the release of new LRC-20 standards using ordinal theory following increasing attention and adoption of Bitcoin’s BRC-20 standard tokens. This allows users to mint and transfer new tokens. Although it is still in its early stages, it is a major step forward for the network’s evolution.

Rise in Daily Active Addresses and Transactions

With this development came a huge jump in both transactions and daily active addresses (DAA). The DAA levels which had remained around 300K for quite some time skyrocketed due to increased interaction with the network. Similarly, transactions also leaped heavily from their earlier range of 100K and reached 585K – marking a new high. Social dominance also saw steady growth suggesting that Litecoins‘ prominence among other top 100 tokens according to market cap was on the rise.

Litecoin Price Rally Expected

With these developments, it is expected that all this progress will lead to a significant increase in Litecoin prices as they start approaching crucial resistances. With such bullish signs leading up towards halving day, many are expecting interim milestone targets at $100 initially until further progress is made.

Final Thoughts

All these developments suggest that with increased attention being given towards Litecoin lately, its prices are likely going up soon as well as its overall popularity within the crypto space grows even further over time.