LiteCoin Sees Increased On-Chain Activity During 24-Hour Price Drop

  • Litecoin showed a 12.81% increase in trading volume in the last 24 hours.
  • The altcoin reached a new milestone in the number of transactions on Thursday.

The overall cryptocurrency market has shown signs of recovery in recent days. The main cryptocurrencies Bitcoin and Ethereum recorded a slight increase in prices. However, other altcoins are still struggling to maintain their recent bullish gains. Notably, Litecoin (LTC) shows a daily drop of 1.11% in the market price.

According to reports from IntoTheBlock, Litecoin, despite the price decline, has witnessed an increase in on-chain activity. The token showed a notable 75% increase in wallet addresses on Thursday. Furthermore, it also surpassed Ethereum wallet holders by more than 100,000 addresses. The number of wallet addresses also reached its highest level since January 2024.

Furthermore, in addition to the increase in users, LTC transactions have also increased manifold. The number of transactions reached a new milestone of 426,000 on Thursday. This has caught the market’s attention as activity shows a surge despite falling prices over the past week.

Additionally, within transactions, LTC saw a significant $16.4 billion worth of transactions over $100,000 according to data from IntoTheBlock. Other transactions, especially those under $10, were mainly responsible for the surge in Litecoin movements, as they represented higher numbers. These inferences indicate a bullish trend in Litecoin’s on-chain activity.

Litecoin Price Overview

At the time of writing, Litecoin is trading at $84.50 with a trading volume of approximately $311 million. According to CMC data, the market price of Litecoin, after showing an upward movement over the past two days, returned to a downward trend on Friday. Litecoin currently holds a market capitalization of $6.3 billion.

LTC/USDT Daily Price Chart (Source: TradingView)

Zooming out, Litecoin’s monthly price trend increased by 4.15% with a year-to-date increase of 15.57%. The altcoin’s short-term 9-day moving average is below the longer-term 21-day moving average, indicating a recent bearish turn in the market price. Furthermore, Litecoin with an RSI of 48.94 shows neutral market sentiment according to data from TradingView.

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