The crypto space is witnessing a roller coaster ride ever since the Bitcoin price marked an interim high close to $31,000. The majority of tokens, including the star crypto, have been trading in a bearish trend, with multiple attempts to rise to fail. Amid mounting bearish market sentiments, the lite version of Bitcoin, Litecoin, is displaying immense bullish momentum as the network’s strength has soared.
What caused such a drastic change ahead of the Litecoin halving?
As per the new update, the network has released new LRC-20 standards using the ordinal theory following the rising attention and adoption of Bitcoin’s BRC-20 standard tokens. Here, the user can mint new tokens and also transfer them. Although the LRC-20 standard is in its early stages, it is believed to represent a significant step in the network’s evolution.
Within no time, the LTC daily active address, which records the number of addresses interacting with the network, surged magnificently, reaching highs close to 900K.
The DAA levels which maintained a steady trend around 300K for quite a long time, surged heavily as the transaction count also leaped heavily. The transaction count also marked new highs to close to 585K which had maintained a closed trend of around 100K for over a year.
Alongside, the social dominance also witnessed a steady growth that indicates that the LTC’s dominance has soared compared to the other top 100 tokens according to the market cap. Therefore, with the rising dominance, the LTC price is expected to maintain a fine upswing in the coming days.
The LTC price has been trading along the rising trend line, which has been acting as a major support since the start of 2023. The price is currently approaching the crucial resistance at $91, which may pave the way for the token to achieve the interim milestone of $100.
Source: https://coinpedia.org/price-analysis/litecoins-daily-active-address-hits-ath-why-ltc-price-is-surging-high/