- LTC is witnessing significant accumulation and a surge in active addresses, reflecting growing interest and confidence.
- The value of LTC fluctuates with modest gains and faces resistance below the neutral line on the RSI.
Litecoin [LTC] emerged as a triumphant force amid the recent congestion that Bitcoin [BTC] struggled with. The positive developments in the crucial statistics have undoubtedly left an indelible mark on their accumulation in recent times. So let’s see how these factors have affected the value of Litecoin.
– Realistic or not, here is the market cap of LTC in terms of BTC
Litecoin accumulation is increasing
Fresh insights from Sanitation revealed a fascinating trend in Litecoin [LTC]. Recent data indicated an increase in accumulation by prominent investors and large-scale holders, popularly known as sharks and whales. Santiment’s chart vividly captured this uptick, showing how addresses with 0-1,000 LTCs now held more than 7 million tokens.
In addition, Litecoin has reached a remarkable milestone as the number of individuals owning LTC has crossed the 7 million mark, reaching an all-time high. This exceptional growth in holders reflected the growing popularity and confidence in the token.
Source: Sentiment
These developments are unfolding against the backdrop of Bitcoin’s ongoing congestion challenges. The Bitcoin blockchain, home to the dominant cryptocurrency BTC, is struggling with increased levels of congestion.
This congestion can be attributed to the wave of activity surrounding new Bitcoin-based BRC-20 tokens. Consequently, users have sought alternative avenues to transfer value across the blockchain, with many turning to cost-effective alternatives such as the Lightning Network.
More activities on the Litecoin network
Exciting developments unfolded for Litecoin [LTC] as Santiment’s data revealed some notable shifts in key metrics. The seven-day active address metric has seen a significant increase, with active addresses in the past week surpassing a whopping 4.3 million.
A look at the map revealed a remarkable spike that started around May 3 and has since risen to an all-time high.
Source: Sentiment
Furthermore, when examining the 30-day market value to realized value (MVRV) ratio, it became clear that Litecoin had crossed an overvalued area. The MVRV metric at the time of going to press was approximately 2.9%. It also showed strong indications of possible further upward movement.
Source: Sentiment
Price yet to be collected
At the time of this report, Litecoin’s daily trading activity [LTC] showed a fluctuating pattern, alternating gains and losses. The current trading price was around $81, with a marginal gain of less than 1%. When analyzing the chart, it became clear that Litecoin had closed several trades in the positive area in the past 72 hours.
– How much are 1,10,100 LTCs worth today
Moreover, despite this recent positive performance, Litecoin continued to encounter resistance below the neutral line on the Relative Strength Index (RSI). Also, the RSI line remained below 40 at the time of writing, indicating a relatively lower level of strength and momentum in the market.
