Whereas the broader cryptocurrency market has come below promoting strain, the Litecoin (LTC) value has shot up by greater than 7.59% within the final 24 hours and is presently 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. However after dealing with a robust retracement to below $80, Litecoin (LTC) is as soon as once more choosing up an upward trajectory.
Market analysts imagine that the latest push within the LTC value comes as Litecoin halving approaches nearer, scheduled forward this yr in August 2023. However with Litecoin halving nonetheless three months away, there’s one other issue at play behind the latest Litecoin value rally.
Litecoin Lively Addresses Leap With LTC20 Introduction
As per on-chain knowledge supplier Santiment, though the transaction volumes on the Litecoin community have jumped step by step, the whole variety of lively addresses has surged considerably. Lively addresses referees to these interacting addresses on the blockchain and making transactions.
However the excessive variety of lively addresses and low transaction volumes recommend that each one the transactions are comparatively smaller in measurement. One potential motive behind this could possibly be the introduction of the LTC20 customary just lately.
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 customary for non-fungible tokens (NFTs), and its implementation created a significant buzz out there. 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 lively addresses. This correlation means that LTC20 might certainly be the driving pressure behind the lively deal with anomaly on the Litecoin community.
It is going to 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 robust buying and selling volumes this time. Litecoin creator Charlie Lee is predicting a large post-halving LTC price rally forward this yr.
Beforehand, the LTC value confronted rejection at $103 ranges twice resulting in a pullback. Any breakout above it will set off the subsequent rally.
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