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Litecoin adoption outdoes Ethereum; LTC reacts by…



  • Litecoin had 20 million more addresses than Ethereum as of press time.
  • Several metrics looked bullish for LTC, as were the market indicators.

Litecoin [LTC] has outperformed Ethereum [ETH] in a key metric, as per Glassnode. Notably, LTC’s total addresses reached 200.7 million at press time,while ETH’s figure stood at 181 million, which gave the former a lead of over 20 million addresses. 

Source: Glassnode

Other metrics also revealed that the blockchain’s performance was something to rejoice over. For instance, daily active addresses also spiked, reflecting increased usage. Besides that, LTC‘s velocity was up.

An increase in the metric meant that LTC was used in transactions more often within a set time frame. Moreover, daily on-chain transaction volume in profit also increased last week. 

Source: Santiment

Litecoin’s price moved sideways

Though the blockchain’s network activity was on the rise, its price action did not follow the same trend, as it increased marginally last week. According to CoinMarketCap, LTC’s price has risen by over 1% in the last seven days.

At press time, it was trading at $77.43, with a market capitalization of over $5.6 billion.

However, LTC’s whale activity remained high, as per Santiment’s chart. Sentiment around LTC also improved last week, as evident from its weighted sentiment and social volume. 

Source: Santiment

Interestingly, Coinglass’ data revealed that LTC’s sideways trajectory might soon change. Litecoin’s Open Interest has registered a decline since the beginning of June.

A decline in that metric usually means that the ongoing price trend may end soon. Therefore, the possibility of LTC registering gains seemed likely.

Source: Coinglass

This can be expected from LTC

LTC’s daily chart pointed out quite a few bullish market indicators, suggesting a price hike in the coming days. For instance, LTC’s MACD displayed the possibility of a bullish crossover. Litecoin’s Relative Strength Index (RSI) also registered an uptick.

Its Money Flow Index (MFI) also followed the same trend, increasing the chances of a northbound price movement in the coming days. 

Source: TradingView