As the community celebrates its 10th anniversary, it is currently LitecoinThere is a strong and growing on-chain activity in .
Analytics platform Santiment reported on Tuesday that address activity in Litecoin outpaced Ethereum for the third time in 2021. It is worth noting that LTC is common for payment purposes, while Ethereum is the cornerstone of DeFi protocols. Therefore, leaving Ethereum behind shows how important address activity on the LTC blockchain has become these last days.
Santiment analysts believe that Ethereum’s on-chain activity may be under pressure due to the current high fees. Santiment also pointed out that the number of payments of Litecoin, that is, the number of addresses receiving LTC, has reached a record level.
The growing network activity on the Litecoin blockchain coincided with the 10th anniversary celebrations. 15th biggest cryptocurrency unit was launched on October 12, 2011 by Charlie Lee to facilitate instant settlement. Thanks to fast and cheap transaction fees, LTC is now widely accepted around the world.
At the time of writing, LTC is trading at $169 billion on CoinMarketCap and has a market cap of $11.6 billion. Regardless of the growth in on-chain activities, there was no noticeable increase in price.
If network activity and demand explode even more, LTC could start a move towards the $200 price mark. Litecoin has been trading at these levels very recently. In mid-September, when news spread that retail giant Walmart was planning to start accepting “digital silver” LTC, it had reached the $200 level.
Technically, it looks like LTC will break the $200 resistance this week. Considering the strong bullish momentum in the market, Litecoin price can be considered to be about to rise.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.