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According to Glassnode, Litecoin (LTC) has left Ethereum [ETH] behind in a significant metric. Specifically, the total addresses of LTC reached 200.7 million at the time of writing, while this number remained at 181 million for ETH, giving Litecoin the lead with over 20 million extra addresses.
Other measurements also revealed that the performance of the blockchain was something to celebrate. For instance, the number of daily active addresses also increased, reflecting a surge in usage. Additionally, the speed of LTC has also increased. The rise in this metric indicated that LTC was being used more frequently for transactions within a particular time frame. Moreover, the daily on-chain transaction volume in profit also increased last week.
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Despite the increased network activity of the blockchain, the price movement did not follow the same trend, as it increased more than expected last week. According to CoinMarketCap, the price of LTC rose by over 1% in the last seven days.
At the time of writing, it was trading at $77.43, with a market capitalization of over $5.6 billion. However, according to Santiment’s graph, the whale activity of LTC remained high. The sentiment around LTC also improved last week, as evident from the weighted sentiment and social volume.
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Interestingly, data from Coinglass revealed that LTC’s sideways movement could change soon. The Open Interest of Litecoin has been in decline since the beginning of June. A drop in this metric usually signifies that the ongoing price trend might soon come to an end. Therefore, the possibility of LTC making gains seemed probable.
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LTC’s daily chart pointed to several bullish market indicators that hinted at a price increase in the upcoming days. For instance, LTC’s MACD indicated the possibility of a bullish crossover. The Relative Strength Index (RSI) of Litecoin also recorded a bullish move.
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The Money Flow Index (MFI) followed the same trend, increasing the probability of a northward price movement in the coming days.
