• Litecoin’s daily active addresses (DAA) and transaction count have surged to new all-time highs, marking an immense bullish momentum for the coin.
• This has been caused by a new LRC-20 standard, allowing users to mint tokens and transfer them.
• The rising dominance of Litecoin suggests that its price is expected to continue growing in the near future.
Litecoin’s Daily Active Address Hits ATH
Litecoin recently experienced a major price surge, lifting it from bearish influence and approaching a crucial resistance level. This was due to a significant jump in transactions and DAA levels reaching an all-time high close to 900K. The social dominance of Litecoin has also grown significantly, indicating that its dominance over other top 100 tokens according to market cap has risen.
Why is LTC Price Surging?
The massive increase in transactions can be attributed to the release of LRC-20 standards following the increasing attention and adoption of Bitcoin’s BRC-20 standard tokens. These standards allow users to both mint and transfer their own tokens on the network. Although this technology is still in its early stages, it represents a tremendous step forward for the network’s development.
Impact on Price
The rise in DAA levels combined with increased transaction counts indicate that Litecoin’s price will likely maintain an upward trend in the coming days as its overall dominance continues to grow. It is currently trading along a rising trend line which has acted as a major support since early 2023.
What Lies Ahead?
Given these positive developments, many investors believe that Litecoin could eventually reach $100 initially before continuing towards further heights as the halving approaches closer. However, there are no guarantees regarding this prediction as crypto markets are known for their volatility and unpredictable nature at times.
Overall, these developments suggest that Litecoin is well positioned for continued growth despite existing bearish market conditions across most cryptocurrencies including Bitcoin itself which recently reached an interim high close to $31,000 before dropping again. It remains uncertain what will happen next but investors should keep track of improvements within the network so they can make better decisions when it comes investing into cryptocurrencies