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- The number of Litecoin addresses grew significantly, indicating increased user engagement.
- HODLers are accumulating Litecoin, suggesting long-term investor confidence.
Strongly positive fundamentals were reflected in the blockchain activity of Litecoin between June 1 and June 16. Significant fluctuations in the number of addresses on the Litecoin network during this time offered insightful information about user involvement and market sentiment.
Litecoin Address Growth Analysis
Trends seen between June 1 and June 16 show a significant rise in the overall number of Litecoin addresses. As to the statistics, there were 287.42 million unique addresses overall by June 16, compared to 283.80 million on June 1, or around a 1.28% increase. The steady rise emphasizes the increasing interest and trust in the Litecoin network.
The creation of addresses increased significantly between June 3 and June 4. Addresses were 284.43 million on June 3, and by June 4, they had increased by 511,527 to 284.9 million. This increase points to a significant inflow of new addresses or users, possibly associated with particular occasions or increased network activity.
Comparably, between June 12 and June 13, there was another significant shift. On June 13, there were 286.7 million addresses, up 650,128 from June 12’s 286.11 million. This is the second-biggest rise in the dataset, suggesting still another phase of increased activity.
June 15–16 saw a 165,306 address increase from 287.25 million to 287.41 million. Though it is less than the prior spikes, this increase indicates that the network is still interested and active as the time comes to a close.
Market Sentiment and HODLer Activity
The positive indication of market mood is the steady increase in the number of addresses. It implies that people are dealing with and trusting the Litecoin network more and more.
Further confirming this attitude is the Hodler Net Position Change indicator, which monitors the net movement of long-term investors’ Litecoin holdings.
Giving exact information about active holdings in the market, this indicator indicates whether HODLers are distributing (selling) or accumulating (purchasing) their Litecoin holdings.
Meanwhile, CoinMarketCap data show that as of writing, Litecoin (LTC) is valued at about $71.08, up 0.91% from the previous day. Still, it shows a bearish trend during the last seven days, down 4.26%.
This swing is a result of Charlie Lee, the founder of Litecoin, who has been emphasizing the cryptocurrency’s comeback and its overtaking of Bitcoin in terms of BitPay cryptocurrency payments, as reported by CNF.
