Litecoin (LTC) transactions have seen a significant increase across all levels, surpassing Ethereum (ETH) in activity. On June 6th, the number of active addresses on Litecoin’s network jumped by an impressive 75%, with over 100,000 more active addresses than Ethereum. This surge in activity, totaling 602,720 active addresses, marked the highest level of activity on the network since January.
Despite the increase in network activity, Litecoin’s price did not see a corresponding hike. At the time of writing, Litecoin was valued at $83.52, experiencing a 1.8% decrease in the last 24 hours. Ethereum was trading at $3,791, also depreciating slightly.
Analyzing Litecoin’s market cap to thermocap ratio, it indicates that the cryptocurrency may be trading at a premium compared to miner spend. However, the current ratio is relatively low, suggesting that Litecoin is not overheated.
Looking at the Market Value to Realized Value (MVRV) ratio, Litecoin’s 30-day MVRV ratio stands at 13.35%, indicating potential profitability for holders. Ethereum’s 30-day MVRV ratio is 4.69%, suggesting a similar position for ETH and LTC, but potentially favoring Litecoin holders.
In the mid-term, it is possible to see Ethereum’s value surpass $4,000, while Litecoin may breach the psychological resistance level of $100. Overall, Litecoin and Ethereum prices may see an upward trend in the near future.