Litecoin (LTC) has recently outperformed Bitcoin (BTC) and Ethereum (ETH) in terms of daily active addresses, indicating a surge in network activity, userbase, and demand. According to data from Santiment, Litecoin recorded 728,000 daily active addresses, surpassing Bitcoin’s 593,000 and Ethereum’s 419,000.
Despite this milestone, Tether U.S. dollar stablecoin (USDT) still dominates the market with a significantly higher daily active address count. Additionally, Bitcoin and Ethereum have shown higher network activity averages over the last 30 days compared to Litecoin.
From a fundamental perspective, the increase in network activity suggests a growing demand for Litecoin’s solutions, potentially impacting its spot price. However, from a technical viewpoint, LTC is currently trading within a price range of $77 to $88, close to the lower end of the range and below the 30-day exponential moving average.
Although Litecoin’s network activity has seen a significant boost, its daily relative strength index (RSI) indicates weak momentum. As of now, LTC has a market cap of $5.88 billion, much lower than Bitcoin and Ethereum.
It is important to note that daily active addresses are just one factor to consider when evaluating a cryptocurrency’s demand and user base. Investors should stay cautious and monitor developments in the cryptocurrency market to make informed decisions. Remember, investing in cryptocurrencies carries risks and should be approached with caution.