Litecoin price has held the $70 territory for the last 3 consecutive days, for the first time since August. On-chain analysis pinpoints the critical drives behind the ongoing Litecoin price rally.  

Litecoin price has struggled to find a steady flow of market demand amid the ongoing crypto market rally. However, some on-chain data trends suggest that could soon change as 2024 draws closer.  

Litecoin Funded Addresses Has Grown Rapidly in H2 2023

Mega-cap coins like Bitcoin (BTC) and Solana (SOL) have delivered yearly gains of more than 100%. Meanwhile, Litecoin price has only managed recently to erase losses and reclaim $70.

On-chain data shows that Litecoin’s recent price recovery has been driven majorly by a steady growth in network demand. Firstly, blockchain data analytics platform IntoTheBlock reports that the number of Funded LTC wallets has increased by 44,000 since the start of H2 2023. 

The chart below illustrates that Litecoin now counts 9.21 million non-zero addresses, up from 8.77 million on June 30. 

The Funded Addresses metric is also oftentimes called non-zero balance addresses. When it increases, as observed above, it indicates growing adoption and expansion of the blockchain network.

If the funded addresses keep growing, the rising demand could push the Litecoin price toward the $100 mark as 2024 approaches.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details