- Litecoin has seen significant growth in on-chain metrics, including a 28% increase in active addresses and a 54.6% surge in new addresses over the past week.
- The growth coincides with the upcoming Litecoin halving event this summer, which typically results in reduced LTC supply and potential price increases.
Litecoin (LTC), the prominent peer-to-peer payment network, is demonstrating an impressive upswing in key on-chain indicators, according to recent data from crypto analytics firm IntoTheBlock. In the past week alone, Litecoin has experienced a noteworthy surge in daily active addresses, increasing by 28%. New addresses too saw a substantial rise of 54.6% within the same timeframe.
This surge in on-chain activity for Litecoin seems to be converging with the project’s approaching halving event. A halving, occurring every four years, involves halving the block reward for mining LTC, subsequently reducing the availability of Litecoin in the market. This scarcity often influences a potential price hike. Current projections on Litecoinblockhalf.com estimate the halving event to be on August 2nd, though this date remains subject to fluctuation.
At the moment of writing, Litecoin is trading at $80.28, ranking as the 12th largest crypto asset by market capitalization. Over the past 24 hours, LTC has experienced a nearly 4% uplift. However, looking at a broader picture, it has declined close to 13% in the past month. Despite this recent dip, Litecoin has successfully climbed more than 14% since the start of 2023, underscoring its resilience amidst the market volatility.
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Evaluating the wider crypto market, IntoTheBlock has highlighted that the Nasdaq 100 index (NDX) outpaced most of the top 10 digital assets this year. The year 2023 started off strong for the crypto market, but Nasdaq has since pulled ahead, outdoing six of the top 10 crypto assets. The only digital currencies that significantly outperformed the Nasdaq are Bitcoin (BTC) and Solana (SOL). These dynamics underscore the ever-fluctuating landscape of digital assets in comparison to traditional financial market indices.
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