Summary of the Article
• Litecoin has seen a major price rally, powered by a surge in transactions and daily active addresses.
• The network has released new LRC-20 standards following Bitcoin’s BRC-20 standard tokens.
• With rising dominance, the LTC price is expected to remain on an upswing in the coming days.
Litecoin’s Network Strength Surges
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, the lite version of Bitcoin, Litecoin (LTC), is displaying immense bullish momentum as the network’s strength has soared.
New Standards Released
As per the new update, the network has released new LRC-20 standards using the ordinal theory following the rising attention and adoption of Bitcoin’s BRC-20 standard tokens. Here, users can mint new tokens and also transfer them. Although it is still in its early stages, it represents a significant step in Litecoin’s evolution.
Increased Transactions & Dominance
Within no time, Litecoin’s daily active address (DAA) – which records how many addresses are interacting with the network – surged magnificently to nearly 900K from around 300K steady levels maintained for quite some time. The transaction count also jumped significantly to close to 585K from 100K over a year ago. Additionally, social dominance also witnessed consistent growth that shows that LTC’s dominance has increased compared to other top 100 tokens according to their market cap rankings.
Litecoin’s price has been trading along a rising trend line which has been acting as major support since early 2023; currently approaching crucial resistance levels. With such an impressive jump in transactions and DAA levels pushing up social dominance rankings too; it is believed that LTC could achieve interim milestones initially at $100 before furthering its gains further upwards.