Litecoin’s rising tide: This latest boost in value could have LTC aiming higher
- LTC witnesses significant accumulation and a surge in active addresses, reflecting growing interest and confidence.
- LTC’s value fluctuates with modest gains while facing resistance below the neutral line on the RSI.
Litecoin [LTC] emerged as a triumphant force amid the recent congestion that Bitcoin [BTC] has been grappling with. The positive developments in its crucial metrics have undoubtedly left an indelible mark on its accumulation recently. So, let’s delve into how these factors have influenced Litecoin’s value.
– Realistic or not, here’s LTC market cap in BTC’s terms
Litecoin accumulation heightens
Fresh insights from Santiment revealed a fascinating trend in Litecoin [LTC]. Recent data indicated a surge in accumulation by prominent investors and large-scale holders, colloquially known as sharks and whales. The chart from Santiment vividly portrayed this upswing, showcasing how addresses holding 0-1,000 LTCs now possessed over 7 million tokens.
Moreover, Litecoin achieved a remarkable milestone, as the number of individuals owning LTC has surpassed the 7 million mark, reaching an all-time high. This exceptional growth in holders reflected the growing popularity and confidence in the token.
These developments unfold against the backdrop of Bitcoin’s ongoing congestion challenges. The Bitcoin blockchain, the home of the dominant cryptocurrency BTC, has been grappling with heightened congestion levels.
This congestion can be attributed to the flurry of activity surrounding new Bitcoin-based BRC-20 tokens. Consequently, users have sought alternative pathways to transfer value over the blockchain, with many focusing on cost-effective alternatives like the Lightning network.
More activities on the Litecoin network
Exciting developments unfolded for Litecoin [LTC] as Santiment’s data revealed some remarkable shifts in key metrics. The seven-day active address metric has experienced a significant surge, with active addresses in the past week surpassing a staggering 4.3 million.
A glance at the chart uncovered a remarkable spike that commenced around 3 May and has since soared to an all-time high.
Furthermore, when examining the 30-day Market Value to Realized Value (MVRV) ratio, it became evident that Litecoin had crossed overvalued territory. The MVRV metric, at press time, stood at approximately 2.9%. It also showed strong indications of a possible further upward movement.
Price yet to pick up
At the time of this report, the daily trading activity of Litecoin [LTC] displayed a fluctuating pattern, alternating between gains and losses. The current trading price stood at approximately $81, with a marginal gain of less than 1%. Analyzing the chart, it became evident that Litecoin had closed several trades in the positive territory over the past 72 hours.
– How much are 1,10,100 LTCs worth today
Furthermore, despite these recent positive performances, Litecoin continued to face resistance below the neutral line on the Relative Strength Index (RSI). Also, as of the time of writing, the RSI line remained below 40, indicating a relatively lower level of strength and momentum in the market.