While 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 at present buying and selling at $87.05 with a market cap of $6.3 billion.
Litecoin has participated within the crypto market rally this 12 months and shot previous $100 twice in February and April respectively. But after going through a powerful retracement to below $80, Litecoin (LTC) is as soon as once more choosing up an upward trajectory.
Market analysts imagine that the current push within the LTC value comes as Litecoin halving approaches nearer, scheduled forward this 12 months in August 2023. But with Litecoin halving nonetheless three months away, there’s one other issue at play behind the current Litecoin value rally.
Litecoin Active Addresses Jump With LTC20 Introduction
As per on-chain information supplier Santiment, though the transaction volumes on the Litecoin community have jumped step by step, the full variety of energetic addresses has surged considerably. Active addresses referees to these interacting addresses on the blockchain and making transactions.
But the excessive variety of energetic addresses and low transaction volumes counsel that every one the transactions are comparatively smaller in dimension. One attainable cause behind this could possibly be the introduction of the LTC20 commonplace not too long ago.
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 commonplace for non-fungible tokens (NFTs), and its implementation created a significant buzz available in the market. In its report, information supplier Santiment notes:
When inspecting 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 energetic addresses. This correlation means that LTC20 might certainly be the driving drive behind the energetic tackle anomaly on the Litecoin community.
It will probably be attention-grabbing 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 an enormous post-halving LTC price rally forward this 12 months.
Previously, the LTC value confronted rejection at $103 ranges twice resulting in a pullback. Any breakout above it will set off the following rally.
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