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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jul 12, 2024 11:39 UTC
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Top Reasons Why Litecoin (LTC) Price Is Set to Explode Soon
Litecoin network, secured by proof-of-work, is attracting investors due to its faster and cheaper transactions compared to Bitcoin.
Litecoin has undergone two halvings, reducing supply, and its price may be poised for a major bull run .
Litecoin is well-positioned to outperform in this altseason compared to previous cycles.
Litecoin (LTC) network, a veteran blockchain secured via the legendary proof-of-work (PoW) consensus mechanism, remained a favorite project among more investors. The mid-cap altcoin, with a fully diluted valuation of about $5.8 billion and a daily average traded volume of around $314 million, has more than 9.2 million on-chain holders.
Amid the confirmed macro crypto bull run, the Litecoin network has attracted more speculative investors. Moreover, the Litecoin network offers deep liquidity for all investors in addition to cheaper and faster transactions compared to its rivals led by Bitcoin (BTC).
Impressive On-Chain Metrics
According to analysis by IntoTheBlock, Litecoin processes nearly $3 billion in transactions daily, each valued at over $100k. This figure represents about 50% of its market value. Notably, Litecoin has outperformed many layer-one (L1) chains and even the prominent meme coin Dogecoin (DOGE) in terms of network activity.
The uptick in Litecoin’s network activity, driven by whale traders, signals growing demand amidst a decreasing supply. Over the past six years, Litecoin has undergone two halvings, despite its value consolidating within a macro triangular pattern.
Understanding the Price Dynamics
Following a notable breakout from a falling logarithmic trend earlier this year, Litecoin’s price has recently tested the support level around $58. This could be a precursor to a major bull cycle. The altcoin appears poised to surpass its all-time high in this cycle, after having underperformed in previous ones.
Additionally, Litecoin’s daily Relative Strength Index (RSI) has hovered around oversold levels, suggesting potential for future gains.
Looking ahead, Litecoin is expected to benefit significantly from the anticipated altseason, which is likely to be triggered by a reversal in Bitcoin dominance and the anticipated approval of spot Ether ETFs.
Also Read: Is Altcoin Season Finally Here? Bitcoin Dominance Dip Hints at Recovery
Don’t underestimate the power of Litecoin – The future of fast and affordable crypto is here.
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