- Litecoin records an incredible surge in network activities but fails to make a meaningful move on the price curve.
- According to reports, whales have turned their back on LTC as there was a 100,000 drop in transactions in the last ten days.
Litecoin (LTC) has had incredible network activities and technological developments this year as on-chain analytics firm IntoTheBlock makes a profound discovery. According to them, Litecoin had an active address count exceeding that of Ethereum since the beginning of the month. On top of that, there has been a meteoric rise in the Litecoin volume, hinting at an increasing demand for the asset.
According to data from Santiment reviewed by CNF, the daily transaction volume is averaging around $19 million in December. The previous two months saw the volume hovering within the range of $16 million-$17 million. Within the same period, the NVT ratio also fell. This mostly correlates negatively to transaction volume. Based on history, this is a bullish signal as network utilization outruns the market cap.
Interestingly, Litecoin’s network charge remained significantly low despite the surge in traffic. According to Glassnode data, 1.19 million transactions were facilitated on Litecoin on December 19 compared to the 1.13 million detected on Ethereum. In terms of cost, Ethereum averaged $12.19 on transactions while Litecoin charged $0.0019.
Regardless, Litecoin’s native token failed to make any appreciable surge this year. In the past three months, Litecoin has only managed an 11% percent surge.
Price of Litecoin (LTC) Fails to Move Along With Network Activity Surge
Market data shows that the asset has surged by 2% in the last 30 days, and 1.4% in the last 24 hours to trade at $72.15. However, its weekly growth has a negative return of 0.23%. As of press time, Litecoin had a market cap of $5,328,176,541.
The latest data shows that the ‘digital silver’ has been of less interest among whales as it had more than 100,000 drops in transactions in the last ten days. The reason could be linked to frustrations as the asset is branded as a “chronic undervalued coin”. Litecoin was once mentioned in the top five digital assets but failed to make any serious move, including staging a dramatic all-time high in 2021.
According to reports, the all-time high price of the asset is still fixed in 2017 on some exchanges. Things were expected to change after its halving event this year but turned out to be a huge disappointment to investors as the price only managed a marginal surge followed by a pullback. This year, several altcoins have made incredible moves with Solana entering the top 5 biggest crypto by market cap. As of press time, Solana was trading at $95 after surging by 28% this week and surging by 387% in the last three months. In the last 30 days, the asset has made a whopping surge of 64%.
Regardless, a price prediction platform expects Litecoin to finish the year with a minimum of $86.58. On average, Litecoin is expected to hit $108.23 or even proceed to $129.87 by December 31. Interestingly, the asset is expected to “come out of its shell” next year as it is predicted to move into the $200 price zone.
