For the first time since August, the price of Litecoin has remained above $70 for the past three days. The primary forces driving the current Litecoin price increase are identified through on-chain investigation.
Amidst the continuing crypto market surge, the price of Litecoin has found it difficult to maintain a consistent flow of demand. As 2024 approaches, some patterns in on-chain data indicate that this could soon alter.
In H2 2023, Litecoin Funded Addresses Have Increased Quickly.
Mega-capitalization currencies such as Solana (SOL) and Bitcoin (BTC) have yielded annual returns exceeding 100%. Only lately has the price of Litecoin been able to recover losses and reach $70.
Litecoin (LTC) Price Rebound: Can it Reach $100 with Network Growth?,Litecoin (LTC) Price Rebound: Can it Reach $100 with Network Growth?
According to on-chain statistics, a consistent increase in network demand has been the primary driver of Litecoin’s recent price rebound. First off, since the beginning of H2 2023, the number of Funded LTC wallets has climbed by 44,000, according to blockchain data analytics firm IntoTheBlock.
Non-zero balance addresses are another term frequently used to refer to the Funded Addresses statistic. As can be seen above, when it rises, the blockchain network is expanding and being used more widely.
As 2024 draws nearer, the increased demand for Litecoin can drive its price up towards $100 if the funded addresses continue to expand.
An Increase in Transactions From New Users is Attracting Attention to the Network
This month’s notable spike in Litecoin’s New User transactions is another evidence of the network’s increasing demand.
On November 4, the New Adoption Rate on the Litecoin network peaked at 49.44%, a one-month rate, according to IntoTheBlock. This raises it far above the 44.26% 30-day average.
The percentage of active addresses that completed their first transaction on a certain day is measured by the New Adoption Rate indicator. This offers a clear picture of how quickly new investors are joining the Litecoin network.
In essence, Litecoin is developing its network organically, as seen by the rise in funded addresses and the increasing interest from new investors. Should it develop into a thriving market, the price of LTC may approach $100.
LTC Price Forecast: The New Target Is $80
From an on-chain perspective, organic network development was the primary driver of LTC’s latest price breach over $70. Litecoin is well-positioned to continue its upward trend and extend its gains towards $80.
This optimistic forecast is further supported by the Global In/Out of the Money (GIOM) statistics, which classifies the present Litecoin holders based on their entry prices.
Litecoin (LTC) Price Rebound: Can it Reach $100 with Network Growth?,Litecoin (LTC) Price Rebound: Can it Reach $100 with Network Growth?,Litecoin (LTC) Price Rebound: Can it Reach $100 with Network Growth? , Litecoin coin Crypto news, Litecoin coin News