Bitcoin‘s brother litecoin has come up with another record surprising Ethereum! Litecoin’s recent ascent inactive addresses have stalled. After Ethereum’s massive drop from its 2021 April/May highs of 1.15 million to 750-850k on 10th September 2021. With no DeFi and no NFTs inside, LTC’s On-chain report awes Ethereum in many ways!
With the bear’s entry into the market this week, ETH price and LTC price fell by 1.20% and 1.25% respectively. And currently, both are in search of strong support levels. The LTC price could see an intense rebound in the days to come. Because as per the report of Santiment, even with the market crash it’s still 389k active addresses every day. ATH is around 485k and the metric is close to ETH.
As per the chart by Bitinfocharts, Ethereum seems to be losing its momentum, as its rival LTC showing strong on-chain movements. Metric from Bitinfochart indicates that the moving average of a number of active addresses in Litecoin’s is still in a year-long uptrend. On the other hand, MVRV (market value to realised value) 30d is neutral, -0.94. And there are no spikes in Age consumed pattern, LTC price rebound seems to continue.
LTC to Boom towards $300 soon!
Recently, project director of LTC foundation David Schwart. Shared his view on the competition between LTC and ETH Ethereum’s gas fees are high, so he urged his followers to make a token or smart contract built on LTC at a reasonable rate using Omnilite.org. With positive responses to this tweet, followers asked for a detailed tutorial on the same.
OmniLite enables the creation and management of the tokens on top of the LTC network. One can easily create custom currencies and transact on the LTC network.
If LTC comes with detailed updates on the same, with an increase in active addresses the LTC price could skyrocket to new highs! The LTC price has garnered a lot of attention from new addresses in recent weeks. With slight pullback, the LTC price poses a short-term limit to its anticipations of attaining the $300 target as soon as possible.
The LTC price is trading at $175.26 at the press time. The price is down by 3.59% in the last 24 hours. In terms of technical indicators, RSI is at 38.72 indicating buy signals. Collectively, the LTC price could see a rapid boost in the coming weeks.