Litecoin has emerged as the most active blockchain globally, experiencing an unprecedented surge in network activity. Over the past three days, Litecoin’s network has consistently hosted over 1 million active addresses daily, reaching a groundbreaking all-time high of 1.4 million in a single day. The cryptocurrency market, including Litecoin’s native token (LTC), has responded with an upward trajectory.
As of the latest data from CoinMarketCap, LTC’s price has ascended to $73.16, accompanied by a 24-hour trading volume of $426,657,385. Notably, Litecoin’s market cap stands at $5,411,765,976 USD, securing its position as the 17th-ranked cryptocurrency. With a circulating supply of 73,972,789 LTC coins and a max supply of 84,000,000 LTC coins, LTC’s recent positive movement is its first significant rise since undergoing its third halving event in early August.
Beyond the surge in active addresses, wallets holding LTC balances have surged to new heights, marking a year-to-date increase exceeding 40%. Furthermore, the number of transactions on the Litecoin network achieved an all-time high of 1.09 million on November 14, surpassing even Bitcoin, which recorded around 523,284 transactions. Impressively, on December 8, LTC’s transactions once again outpaced Bitcoin, reaching 846,561 compared to Bitcoin’s 411,321.
Over the last month, LTC’s price has experienced a 3.1% increase, adding a substantial $2.25 to its current value. This sudden growth positions LTC as a potentially robust asset if this positive trend continues. It has observed 16 out of 30 (53%) green days and displayed 3.45% price volatility in the last 30 days.
Litecoin (LTC) Price Prediction
Despite these bullish indicators, the short-term outlook for LTC, according to Changelly, predicts a 2.72% decrease, potentially dropping to lower levels by December 13, 2023. Technical indicators signal a 38% bearish market sentiment on Litecoin, while the Fear & Greed Index displays a score of 74 (Greed).
Crypto experts anticipate an average LTC rate of $71.35 in December 2023, with minimum and maximum prices expected at $65.06 and $77.63, respectively, presenting a potential ROI of 5.7%. The future for Litecoin appears dynamic, marked by both its recent achievements and the market’s nuanced predictions.
Related Reading | El Salvador’s Bitcoin Bonds “Volcano Bonds” Cleared For Launch In Early 2024