• Litecoin’s (LTC) price has recently been surging significantly due to the rising attention and adoption of Bitcoin’s BRC-20 standard tokens.
• This surge was also supported by an increase in daily active addresses, transaction count, and social dominance.
• With these changes, the LTC price is expected to continue its upswing in the coming days.
Rise in Litecoin’s Price
Litecoin’s price witnessed a major spark that lifted the price from the bearish influence and is currently approaching a crucial resistance. The crypto space is witnessing a roller coaster ride ever since the Bitcoin price marked an interim high close to $31,000. Amid mounting bearish market sentiments, Litecoin is displaying immense bullish momentum as its network strength has soared.
What Caused This Surge?
The network has released new LRC-20 standards using ordinal theory following the rising attention and adoption of Bitcoin’s BRC-20 standard tokens. Here, users can mint new tokens and transfer them within no time. The Litecoin daily active address surged magnificently to reach highs close to 900K from around 300K for quite a long time. Along with this jump in transactions, social dominance also witnessed a steady growth indicating that LTC’s dominance has increased compared to other top 100 tokens according to market cap.
Price Outlook
The LTC price has been trading along a rising trend line which has been acting as support since early 2023. It is believed that with increasing dominance, the LTC price will maintain its uptrend in coming days broke above $100 initially before achieving higher milestones like all-time highs of $420 reached back in 2019.
Conclusion
In conclusion, it seems that Litecoin’s recent surge is here to stay as various factors like increasing active addresses and transactions are proving very promising for its future prospects. With this increase in activity on the network, it may be possible that Litecoin may eventually break above $100 before reaching all-time high levels again soon!
Author Bio
Qadir Ak is the founder of Coinpedia who has over a decade of experience writing about technology and covering blockchain and cryptocurrency space since 2010