Litecoin Surpasses Bitcoin and Ethereum in Network Activity LTC Rises
Litecoin (LTC) has outperformed Bitcoin (BTC) and Ethereum (ETH) in a key metric that reflects network activity, userbase, and demand. In early June, Litecoin recorded more daily active addresses than the two most valuable cryptocurrencies for the first time.
In the past seven days, Litecoin experienced a remarkable 110% increase in its daily active addresses, reaching a total of 728,000. This data was sourced from Santiment on June 11, with Bitcoin at 593,000 and Ethereum at 419,000 daily active addresses.
While Tether’s U.S. dollar stablecoin (USDT) continues to dominate the market in terms of daily active addresses, Bitcoin and Ethereum have shown higher average network activity over the last 30 days according to Santiment’s screener.
On a separate note, USDT on the BNB Chain alone has 781,140 daily active addresses, surpassing Bitcoin, Ethereum, and Litecoin with 653,510, 466,770, and 465,720 daily active addresses respectively.
When analyzing Litecoin’s price amid increased network activity, it is evident that the growth in network activity signifies a rising demand for the services Litecoin offers. The surge in active addresses may indicate a growing user base, potentially impacting LTC’s market value.
From a technical standpoint, however, LTC is currently trading within a price range of $77 to $88, sitting at $78.83. It is trading near the lower end of the range and below the 30-day exponential moving average of $82.76, indicating a struggling trend.
Despite the impressive network activity, the daily relative strength index (RSI) suggests weak momentum for Litecoin at this time.
As of now, Litecoin holds a market cap of $5.88 billion, significantly lower than Bitcoin’s $1.32 trillion and Ethereum’s $422.71 billion.
It is important to note that daily active addresses alone do not provide a comprehensive measure of network activity. Other factors should also be considered when evaluating demand and the user base of each cryptocurrency. Bitcoin has seen a record low in on-chain transactions and spot trading volume, while experiencing substantial speculative demand through derivatives like futures and exchange-traded funds.
Investors are advised to exercise caution and closely monitor developments in the cryptocurrency market and industry to make informed decisions.
Disclaimer: The information provided in this article is not intended as investment advice. Investing in cryptocurrencies carries inherent risks and individuals should proceed with caution.
