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- 1 The top 5 pools/miners of Litecoin currently control over 86% of the hash rate.
- 2 The current price of Litecoin is trading near the $72 level, with a drop of over 13% in the last month.
- 3 The correlation between the LTC and BTC has seen a significant decline and is currently near -0.47, as per data by Macroaxis.
Litecoin is a peer-to-peer digital currency that enables instant and near zero-cost payments across the globe. Litecoin uses a PoW consensus mechanism to confirm transactions quickly and without errors. The miners of the LTC are currently awarded 6.25 Litecoins per block, which will be halved every four years. It has a block time of 2.5 minutes and an extremely low transaction fee, which makes it perfect for the business.
Source: Litecoin.org
Litecoin is based on the Bitcoin protocol but differs in the hashing algorithm used. It uses Scrypt instead of SHA-256. Scrypt was chosen to make it resistant to specialized hardware (ASICs) used for mining Bitcoin. It was done to promote the decentralized mining of the LTC. The protocol has gained significant adaption and recognition since its inception. Let’s have a look at the Litecoin on-chain data.
Litecoin Sees a 100% Growth in Active Addresses
Litecoin has a maximum supply of 84 Million tokens, of which 88.88% are circulating in the market. It has a total number of 7996556 holders, which has grown in the last few months. The top 10 addresses hold over 14.8% of the supply, while the top 100 addresses have 42.9% of the circulating supply.
Source: Hashrate distribution
Litecoin hash rate is currently at 1.06PH/S with a mining difficulty of 37.63M. The top 5 pools/miners of the LTC currently control over 84% of the total supply. Antpool, the biggest miner of the LTC, controls over 21% of the total hashrate.
Litecoin Daily Active Addresses have been seeing extraordinary growth since the start of this month. In May, the average number of LTC active addresses was 345,000, but the average has been sitting at 704,000 over the past few weeks.
Source: Open interest by CoinGlass
The protocol has observed a gain of 8% in the overall revenue while the fees collected have declined by over 8.8% in May. Despite the surge in transactions, the OI of the LTC has not observed any significant changes. Meanwhile, the overall long-short ratio of LTC is currently at 0.85, as per CoinGlass. Let’s have a look at the price action scenario of the price of Litecoin (LTC).
Is the Price of LTC Poised for a Surge to $100 Soon?
The current market cap of Litecoin is $5.3 billion, and it is currently ranked 19th on the CoinMarketCap (CMC). The volume of the asset price has observed a growth of over 108% in the past 24 hours. The price of LTC is currently trading near the value of $72, with a slight drop in the past 24 hours.
This crypto’s price is currently trading by forming weak bearish candles on the daily chart. It is trading below the 50 and 100 EMAs on the daily chart. The upside trend of LTC can see a halt near the value of $85. Meanwhile, the asset price’s support can be near $65.
The RSI of LTC is near 34, suggesting its presence in the neutral zone. The overall sentiment of the RSI is neutral.
Can the Price of Litecoin See a New High Soon?
Litecoin active addresses have seen a twofold growth in the last month along with their transactions. The overall OI in this crypto asset has been constant for the last few weeks. The current price of LTC is trading in a bearish trend but can see a new high shortly.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
