Litecoin Surges High: Daily Active Addresses Hit ATH!

• Litecoin’s price witnessed a major spark that lifted the price from the bearish influence and is currently approaching the crucial resistance.
• The LTC daily active address, which records the number of addresses interacting with the network, surged magnificently, reaching highs close to 900K.
• With the rising dominance, the LTC price is expected to maintain a fine upswing in the coming days.

Litecoin Price Rally

Litecoin’s price witnessed a major spark that lifted it from bearish influence and is currently approaching a crucial resistance. The crypto space has been witnessing a roller coaster ride ever since Bitcoin’s price marked an interim high close to $31,000. Despite market sentiments being bearish for most tokens including Bitcoin, Litecoin has been displaying immense bullish momentum as its network strength soars.

Cause Behind Price Surge

The cause behind this surge is attributed to new LRC-20 standards which have been released by Litecoin following rising attention and adoption of Bitcoin’s BRC-20 standard tokens. This allows users to mint new tokens and transfer them as well on the network. Although early stages of development, this marks an important milestone in its evolution.

Transaction Count & Social Dominance Soar

With this release came huge jump in transactions as well as social dominance indicating that Litecoins dominance over other top 100 tokens according to market cap has soared tremendously. This increase was further supported by Daily Active Addresses (DAA), recording number of addresses interacting with network which jumped from 300K to 900K within no time while transaction count leaped from 100K to 585K after maintaining closed trend for over a year now.

Expected Future Growth

As these figures continue to climb higher and higher it can be estimated that with increasing dominance, Litecoin’s price will maintain a steady upswing in upcoming days. Currently trading along rising trend line acting as major support since start of 2023, it is expected that if current trends continue then initial milestone would be achieved at $100 soon enough before eventually testing all time high again soon after halving takes place later this year.

Conclusion

It goes without saying that such developments are extremely positive for any token especially when entire crypto market is struggling due to Bitcoin’s recent dip below $30k level making altcoins suffer even more than usual hence current progress made by Litecoin should not only provide some relief but also serve as motivation for investors who might have lost hope recently due to current market conditions .