Litecoin Price Soars: Daily Active Addresses Hit ATH!

• Litecoin price witnessed a major spark that lifted the price from the bearish influence and is currently approaching the crucial resistance.
• Network released new LRC-20 standards using the ordinal theory following rising attention and adoption of Bitcoin’s BRC-20 standard tokens.
• Litecoin’s daily active address (DAA) levels surged as transaction count also leaped heavily, resulting in increased social dominance.

Litecoin Price Rally

The crypto space is witnessing a roller coaster ride ever since the Bitcoin price marked an interim high close to $31,000. The majority of tokens, including the star crypto, have been trading in a bearish trend, with multiple attempts to rise to fail. Amid mounting bearish market sentiments, Litecoin has displayed immense bullish momentum as its network strength has soared.

Why is LTC Surging?

Network released new LRC-20 standards using the ordinal theory following rising attention and adoption of Bitcoin’s BRC-20 standard tokens. Within no time, Litecoin’s Daily Active Address (DAA) levels which maintained steady trend around 300K for quite a long time surged heavily as transaction count also leaped heavily. The transaction count marked new highs close to 585K which had maintained closed trend of around 100K for over a year. Alongside, social dominance also witnessed steady growth that indicates Litecoin’s dominance has soared compared to other top 100 tokens according to market cap.

LTC Halving

With increasing DAA levels and transactions count along with growing dominance in cryptocurrency markets, Litecoin’s price rally is believed to achieve interim milestone at $100 initially ahead of its halving event scheduled on August 8th 2021.

Conclusion

Thus we can conclude that with increasing strength in network parameters such as DAA level and transactions count along with high social dominance within cryptocurrency markets indicate that Litecoin price will continue its surge towards achieving interim milestones ahead of its halving event scheduled on August 8th 2021.

Author Bio:

Qadir Ak is the founder of Coinpedia and has over a decade experience writing about technology and covering blockchain and cryptocurrency space since 2010. He has interviewed prominent experts within the cryptocurrency space too .