- Litecoin network just processed 10 million transactions in two weeks, reaching 200 million in total.
- Litecoin surpassed both Bitcoin and Ethereum in daily transactions, beating Ethereum consistently since December.
- Litecoin’s network addresses also grew by 28% in a month, reaching over 100,000 new addresses daily, indicating strong potential for a rally.
- Despite market rallies, Litecoin’s price remained stable, possibly due to investors accumulating slowly for a future breakout.
- Litecoin is testing a key resistance level and a break above could lead to an 80% surge towards a $135 price target.
Litecoin hasn’t been in the news very much as of late, mainly because its price hasn’t made any spectacular moves to the upside as of late.
However, as it stands, there may be reason to believe that Litecoin could be gearing up for a massive price movement to the upside, under the hood.
Several on-chain metrics are spiking, and investors are starting to flock towards the “digital silver”.
Let’s see what all of this means.
Litecoin Outperforms Bitcoin and Ethereum in Active Addresses
According to a recent tweet from the official Litecoin account, the Litecoin network processed over 10 million transactions on Friday, 22 December this week, bringing the total number of processed transactions on the Litecoin network to the 200 million milestone.
Interestingly enough, Litecoin took nearly a decade to reach the first 100 million transactions, but only two years to reach the second 100 million. This shows a clear trend of user attraction and investor interest in Litecoin and what it can do.
The previous day before this tweet was posted, the official Litecoin account also tweeted that Litecoin beat both Bitcoin and Ethereum combined, with 1.44 million on-chain transactions in a single day, on 21 December.
Other On-Chain Litecoin Metrics Spike
IntoTheBlock also commented on something similar about Litecoin.
According to IntoTheBlock, Litecoin not only beat Ethereum on 21 December alone. The analytics firm stated that Litecoin has been beating Ethereum “consistently”, since the start of December.
An attached report also stated that Litecoin’s network growth has increased by 28% in the past month, reaching over 100,000 new addresses per day.
This shows an increasing interest in Litecoin from investors as the days go by, as well as some strong potential for a Litecoin rally very soon.
Litecoin’s Price and Market Cap React
The surge in network activity has also been followed by some interesting behaviour from Litecoin’s price and market cap.
Unlike the rest of the market which has been in consistent rallies since late October, Litecoin has remained relatively sluggish.
CoinMarketCap data shows that Litecoin is bearish over the last 7 days, and has only managed to register a disappointing 3.95% rally over the last month.
However, its technicals seem strong, suggesting that investors may be slowly accumulating the cryptocurrency over time, as we will soon see.
Litecoin has been in an ascending channel for most of the year and attempted a breakout sometime after the last Litecoin halving around July this year.
However, the bears sank the cryptocurrency straight down from $114.5 to $55.02.
Litecoin has been trying to initiate a bounce from here but is being held down by the $72.28 resistance (red line above).
Litecoin is currently testing this resistance and is on the verge of a break above. This makes the cryptocurrency poised for a +80% rally straight up above $100, to a $135 price target.
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