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- 1 Litecoin has observed 25 Million ordinals inscribed on the Litecoin chain.
- 2 The overall active addresses and transaction count have increased on Litecoin for the last two months.
- 3 The LTC price is currently trading near the value of $75, with a fall of 10% in the last one month.
Litecoin is a cryptocurrency that was designed to provide fast and secure payments. It was built on the Bitcoin protocol but differs in terms of hash algorithm, block transaction times, and a few other factors.
The protocol has an average block size of 86.4kb with a block reward of 6.25 LTC. The average transaction value on the protocol mainnet is around 172.49 LTC, while the median transaction value is 1.47 LTC.
Litecoin has an average of 23 blocks per hour and has observed 543 blocks in the last 24 hours. The difficulty of mining blocks on Litecoin protocol is 36.42 M, while the hash rate is 1.01 Phash/s.
Source: Litecoin transaction fees by Bitinfocharts
Recently, a record of 25 million ordinals has been added to the Litecoin chain. Meanwhile, the average transaction fees of the protocol remain below the $0.01 mark. Let’s assess the on-chain analysis of Litecoin.
Are Active Addresses Sufficient Enough to Push the LTC Price Beyond $100?
LTC has a total supply of 84 Million tokens, and 88.1% of the total supply is circulating in the market. The top 10 wealthiest addresses of the LTC crypto own 14.4% of the supply, while the top 100 own over 41.2%. The mainent saw a transaction of 1227703 LTC, for which the large transaction contributed around 17%.
Source: Litecoin active addresses By Glassnode
Litecoin had observed 269512 active addresses in the past 24 hours. Looking at the previous trend of active addresses and LTC price, the price has not seen much of a change despite the spike in 2024. In previous years, the price rise accompanied the spike in active addresses.
Source: LTC Liquidation heat map by Coinglass
The LTC price has a liquidation leverage of $76 Million, around $73.596. The traders might push the price near this level before making a new high. The overall open interest of the LTC has also declined, and it is nearly $260 million.
Let’s analyze the price action scenario of the LTC crypto.
Can the LTC Price Break Free of Consolidation?
When writing, Litecoin has a market cap of $5.6 Billion, ranked 18th in the cryptoverse. It saw a decline of 18% in volume during the last 24 hours. The LTC price traded near the $75 value at press time, with a small drop in the intraday session.
Litecoin price was forming weak bearish candles on the daily chart at the time of writing. It was trading below the 50 and 100 EMA on the daily chart. The upside trend of the asset price could see a halt near the value of $85. Meanwhile, the LTC price support could be near $70.
The RSI of LTC was near 47 with no slope in it. The overall sentiment of the RSI was consolidating in nature.
Will Declining Correlation with BTC Benefit LTC?
Litecoin has a correlation of 0.8 with Bitcoin. It has declined from the highs of 0.96 in the past. The declining correlation may help Litecoin rise despite the consolidation of the BTC price. As per analysts, the Litecoin price may surge to $100 if the correlation remains the same in the near future.
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.
