Whereas the broader cryptocurrency market has come below promoting stress, the Litecoin (LTC) value has shot up by greater than 7.59% within the final 24 hours and is presently 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. However 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 latest push within the LTC value comes as Litecoin halving approaches nearer, scheduled forward this 12 months in August 2023. However with Litecoin halving nonetheless three months away, there’s one other issue at play behind the latest Litecoin value rally.
Litecoin Lively Addresses Bounce With LTC20 Introduction
As per on-chain information supplier Santiment, though the transaction volumes on the Litecoin community have jumped steadily, the whole variety of energetic addresses has surged considerably. Lively addresses referees to these interacting addresses on the blockchain and making transactions.
However the excessive variety of energetic addresses and low transaction volumes counsel that each one the transactions are comparatively smaller in measurement. One attainable motive behind this might be the introduction of the LTC20 commonplace just lately.
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 are able to 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 power behind the energetic deal with anomaly on the Litecoin community.
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 sturdy buying and selling volumes this time. Litecoin creator Charlie Lee is predicting a large post-halving LTC price rally forward this 12 months.
Beforehand, the LTC value confronted rejection at $103 ranges twice resulting in a pullback. Any breakout above this can set off the following rally.
