Litecoin (LTC) has shown signs of breaking its recent bearish trend, driven by a significant milestone in its network activity and a positive price movement. The cryptocurrency has reached a record 25 million Ordinals inscriptions on its blockchain, adding 1.5 million in just two weeks. This surge in Ordinals activity demonstrates the network’s robust capacity to handle increased transactions efficiently and reflects growing user engagement.
The increase in Ordinals coincides with other positive metrics for Litecoin. At the beginning of June, the network experienced a 75% increase in active addresses and recorded 426,000 transactions, surpassing Ethereum in active addresses. These figures indicate rising interest and potential for broader adoption of Litecoin as a decentralized digital currency facilitating near-zero-cost global payments.
The heightened network activity has been accompanied by a positive price movement. Litecoin’s price has gained approximately 5%, moving from $70.5 to $83.68 recently. As of the latest data, LTC is trading at $73.27, showing a 3.34% increase over the past day and a 0.94% increase over the past week. This price uptick, supported by a bullish divergence and increased network activity, suggests a potential shift in market sentiment towards Litecoin.
While some crypto analysts view Litecoin as a “sleeping giant” awaiting a bullish signal to reach new all-time highs, it’s important to note that cryptocurrency markets remain volatile and unpredictable. The recent positive trends in Litecoin’s network activity and price movement offer encouraging signs for LTC holders and potential investors. However, as with all cryptocurrency investments, it’s crucial to conduct thorough research and consider the inherent risks before making investment decisions.