Author
Steve Muchoki
Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Litecoin (LTC), a veteran altcoin forked from the Bitcoin (BTC) chain to support mainstream payments, has grown over the years into a major digital asset. The mid-cap altcoin, with a fully diluted valuation (FDV) of about $6.6 billion and a daily average traded volume of around $481 million, takes pride in more than 9 million holders.
However, the proof-of-work (PoW) secured blockchain, with a net hash rate of about 1.02 PH/s, has significantly been criticized for lack of innovative development to match the Web3 space. Furthermore, the Litecoin network does not support smart contracts and eb3 development similar to Ethereum (ETH), Solana (SOL), Tron (TRX), and Toncoin (TON), among many others.
The Litecoin network has largely leveraged the speculative aspect of digital assets, thus being regarded as the silver of the cryptocurrency industry. However, a recent research by Forbes analysts suggested that the Litecoin network is among the good-for-nothing blockchains with unproven and little utility other than speculative crypto trading.
Litecoin Believers Remain Unshaken
Litecoin’s global community has remained unshaken throughout the past years, despite the altcoin’s value getting trapped in a multi-year consolidation against the US dollar. Already, the Litecoin network has undertaken two halving events, which have reduced its overall market supply from miners but have continued to consolidate in a macro triangular pattern.
However, the fact that the LTC price has been approaching the apex of the triangular pattern has attracted more cryptocurrency speculators.
Moreover, the Litecoin network boasts of deep liquidity with fast transaction finality compared to other blockchains.
Consequently, on-chain data conducted by market intelligence platform Santiment shows that Litecoin’s activities have been on the rise in the recent past. Specifically, the Litecoin network has averaged around 704k unique addresses in the past week, after averaging around 345k unique addresses throughout May.
⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
Remarkably, the Litecoin network has outshined Bitcoin (BTC) and Ethereum (ETH) in active addresses, an indicator more investors are interacting with the altcoin.
Litecoin (LTC) Price Expectations
Amid the ongoing crypto volatility, Litecoin (LTC) price has dropped about 5 percent to trade around $79.16 on Tuesday. Litecoin price has been signaling an inevitable upswing in the near term, after accumulating significant bullish sentiment since the 2017/2018 bull cycle. According to a popular crypto analyst alias Crypto Tony on the X platform, LTC price against the US dollar is on the cusp of a major bull run akin to Silver in the metal industry.
Another couple of years of consolidation then .. C'mon #Litecoin, prove you are the silver to #Bitcoin pic.twitter.com/vFgsC27bSr
— Crypto Tony (@CryptoTony__) June 10, 2024
From a technical standpoint, LTC price has been forming an ascending triangle since establishing the 2022 bear market lows of about $47. Additionally, LTC price has been retesting the bullish breakout of a falling logarithmic trend, thus signaling an imminent rally ahead.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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