Litecoin has always been an intriguing cryptocurrency network, even though it gets overlooked fairly often. As the price holds its own, there is a steep increase in median transaction volume and new addresses. This does not mean the LTC price will change, yet it is interesting to take note of different metrics.
Litecoin New Addresses Spike Big Time
When people talk about the different cryptocurrency networks on the market, they will hardly ever mention Litecoin. Not because it isn’t a viable network, but primarily due to it not getting much buzz or any significant headlines. Things have certainly not improved since Charlie Lee decided to sell his LTC holdings at the top in 2017 either. Even so, the network is still as viable as ever to conduct global transactions.
Today, there is a three-year high for new Litecoin addresses. A surprising development, although the list of new addresses has been growing for some time now. With a three-year high of 4,990.982 addresses as the seven-day moving average, overall interest in this ecosystem is clearly on the rise. Many may see it as an indication of how more people are flocking to this alternative network for various reasons.
What is perhaps even more intriguing is how there is a substantial increase in sending addresses lately. The correlation between new and sending addresses remains unclear, yet it paints a fascinating overall picture. Thanks to this three-year high for sending addresses, there may be some minor Litecoin price pressure over the coming days; however, It is unclear how the market may respond to these new developments.
It is uncanny to see all of this Litecoin network activity come together after three years all of a sudden. While cryptocurrency networks go through periods of increasing interest and even a revival of sorts, Litecoin was never in a bad place. However, this ongoing increase in new and sending addresses might hint at what the future may hold for this popular ecosystem.
Median Transaction Volume Picks Up
No one will be surprised to learn the Litecoin median transaction volume is picking up speed as well. Although the current one-month 7D MA is still 0.288 LTC, that is a strong increase from the 0.16 LTC in early March 2021. Again, with the rise in sending and new addresses, this metric may continue to trend higher for some time to come.
To some, the current median LTC transaction volume may seem low. After all, 0.288 LTC is not a spectacular amount of money. Even so, it is a more than stable figure at this stage. Returning to the average of 0.5 LTC and above may prove difficult, primarily because today’s Litecoin price is a lot higher. A value of over 0.5 LTC would push the average transaction volume to over $140.
Under the current market statistics and trends, any gain or improvement is more than welcome for an ecosystem. Litecoin is back on the right track after a few troublesome years, although the longevity of this uptrend remains uncertain. Anything can happen in the cryptocurrency world, especially when people least expect it.