Litecoin News

Litecoin Adoption Is Gaining Significant Value As Its Network Expands.

Despite intermittent speed breakers and rangebound price movement, Litecoin has managed to stay relevant in the market. Many cryptocurrencies have come and gone in the previous 10 years, while others have fought to stay afloat.  In reality, in early November, LTC gained over 50% before succumbing to the Bitcoin and bigger market sell-offs.

With LTC’s upward trajectory coming to a halt, many in the sector are concerned about whether the digital silver will make a comeback in the market or revert to the rangebound momentum it had before the price drop in May.

LTC’s price began to follow BTC’s trend, more or less flowing in the direction of the bigger market, after hitting a multi-week high of $302 earlier on 10th November.

LTC fluctuated at $213.83, gaining 2.54% per day; a rise above $220 might accelerate the coin’s advance. There appeared to be a rise in purchasing pressure that may kick-start a rally, but for LTC’s price to go higher, it would need to be in a more consistent uptrend.

Is Adoption Driving Up The Litecoin Price?

LTC has had a fantastic year, with Litecoin’s popularity skyrocketing throughout the year. This storyline was witnessed again recently when LHV Pank, an Estonian banking and financial services business, stated that it would allow its customers to invest in Litecoin and other cryptocurrencies.

In fact, since December 2020, LTC’s active addresses have been on a parabolic upward trend, indicating that the network will continue to grow as use increases.

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LTC/USD 1 DAY PRICE CHART: SOURCE – coinmarketcap.com

Furthermore, in April 2021, the number of active addresses increased vertically and reached a new ATH on October 10. Historically, a significant surge in network demand and activity has signaled the start of LTC’s price discovery mode. During the 2013 and 2017 LTC rallies, a similar surge in demand and activity was noticed, with the price rising from $23.5 to $369 in December 2017.

Furthermore, when the link between LTC and BTC declines, LTC may gain from the “all season.” Previously, during the bull runs of 2013 and 2017, LTC sprang to prominence out of nowhere, gaining 638 percent and 1,160 percent in a matter of weeks. As a result, another surprise from LTC would not be surprising.

Nonetheless, the market’s volatility cannot be underestimated, and conducting your own research prior to investing is critical to making successful bets.

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