Litecoin, known as the silver to Bitcoin’s gold, has experienced a significant surge in its daily active addresses once again. According to the latest on-chain data, the total number of active Litecoin addresses has surpassed that of Ethereum, leading to speculation that the LTC price could reach $100 by the end of June.
The surge in Litecoin activity was reported by on-chain data provider IntoTheBlock, with a 75% increase in active addresses yesterday. This surge brought the number of active Litecoin addresses to its highest level since January, surpassing Ethereum by over 100,000 active addresses.
In addition to the increase in active addresses, Litecoin transactions also saw a substantial rise, reaching 426,000 in a single day. While many of these transactions were smaller than $10, there was a notable increase in transactions of all sizes, indicating a growing interest and use of Litecoin within the cryptocurrency market.
Furthermore, the Litecoin network has now processed over 250 million transactions, with significant whale accumulation of LTC. The year 2024 has been particularly noteworthy for Litecoin, with over 40 million transactions processed, reflecting a significant increase in activity and interest.
The integration of Litecoin into various payment processors and merchant services globally has contributed to its growth. Acceptance by major platforms and retailers has expanded its usability, driving both transaction volume and adoption.
As of press time, the Litecoin price is facing some selling pressure, trading 1.5% down at $84.17 with a market cap of $6.280 billion. The next price action for LTC will depend largely on miner accumulation, which has been strong over the last month.
During the month of May, Litecoin miners added over 180,000 LTC to their custody. In June 2024, Litecoin’s price is expected to make a significant recovery, approaching the $100 mark. Data-driven analysis suggests that if miners continue their accumulation, currently totaling $15 million, LTC’s price could surpass the crucial short-term resistance level near $92.
According to IntoTheBlock’s GIOMAP data trends, over 1.4 million current holders acquired 10.53 million LTC at a maximum price of $91.6. Profit-taking by these holders could slow down Litecoin’s recovery at this level. However, sustained bullish support above $92 could lead to a swift rally towards the $100 milestone. The Importance of Regular Exercise for Overall Health
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