Litecoin has experienced a significant boost in trading volume, with a 12.81% increase over the past 24 hours. This altcoin reached a new milestone in transaction numbers on Thursday, suggesting a positive trend in the overall crypto market’s recovery. While leading cryptocurrencies like Bitcoin and Ethereum have seen slight price increases, other altcoins are struggling to maintain recent bullish gains. Specifically, Litecoin (LTC) has seen a daily decline of 1.11% in its market price.
Despite the price drop, Litecoin has seen a surge in on-chain activity, according to reports by IntoTheBlock. The token saw a remarkable 75% increase in wallet addresses on Thursday, surpassing Ethereum’s number of wallet holders by over 100K addresses. The total number of wallet addresses has also reached its highest level since January 2024.
Not only has the number of users surged, but LTC transactions have also increased significantly. On Thursday alone, there were a record-breaking 426,000 transactions. This uptick in activity is noteworthy, considering the price declines of the past week.
In addition, LTC has seen a substantial amount of transactions over $100K, totaling $16.4 billion according to IntoTheBlock data. The surge in Litecoin movements is primarily driven by transactions below $10, suggesting a bullish trend in on-chain activity.
As of the latest data, Litecoin is trading at $84.50 with a trading volume of around $311 million. Despite showing an upward movement in the past two days, the market price has reverted to a downward trend on Friday, with a market cap of $6.3 billion.
Looking at Litecoin’s monthly performance, there has been a 4.15% increase, with a year-to-date increase of 15.57%. The altcoin’s short-term 9-day MA is currently below the long-term 21-day MA, indicating a recent bearish turn in market price. Additionally, Litecoin’s RSI of 48.94 suggests a neutral market sentiment according to TradingView data.
In other crypto news today, Toncoin has hit a new peak following the launch of TON-Linked Stars on Telegram. This development has garnered attention in the market, signaling potential growth for the cryptocurrency.