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Litecoin Transaction Surge: LTC Overtakes Ethereum in Activity – What It Means for Investors

Open-source, peer-to-peer (P2P), and decentralized cryptocurrency, Litecoin (LTC), have been recording heightened transactions in the past few hours, raising suspicions about what could be the possible implications and causes.

According to a recent tweet on its verified X handle, data analytical platform IntoTheBlock revealed Litcoin’s surging activities, attracting considerable interest among X users as some trooped to the comments section of the tweet to relay their thoughts about the decentralized crypto protocol.

Rising Litecoin Transactions Saw The Token Surpass ETH In This Metric

The transaction statistics reported by IntoTheBlock noted that the number of active Litecoin addresses surged by about 75% yesterday, hitting the highest level since January and exceeding Ethereum (ETH) by over 100,000.

Aside from its increasing number of active addresses, Litecoin also saw its total transactions hit 426.78K yesterday. Interestingly, more than half of the over 426K transactions were valued at price ranges between $0.00 – $1.00 and $1.00 – $10.

For context, transactions between $0.00 – $1.00 were about 174.24K, while the ones between $1.00 – $10.00 were approximately 97.93K. On the other hand, transactions that could depict whale actions, especially for the ones valued between $1 million – $10 million, recorded 930 transactions, while the ones above $10 million were just a single transaction.

Possible Implications Of The Rising Litecoin Transactions

In a practical sense, market actions like the ones described above are supposed to elicit significant changes in Litecoin price movements, which most crypto enthusiasts would likely anticipate.

However, taking an in-depth analysis of the rising Litecoin transactions, it becomes apparent that it might not necessarily elicit any significant or spontaneous change in the coin’s price direction.

For instance, most transactions on the coin’s network cost between $0 to $10, signifying a commanding retailers’ actions with meager investment funds. However, the increment in the coin’s active addresses could be spewing good tidings for the token, as it implies an increasing adoption rate, an essential catalyst for every crypto prospect seeking expansion.

Whale Investors Holding Considerable Stores Of Litecoin

While the transactions spotlighted in this insight indicated more retailers than whales’ actions, Litcoin’s statistical summary shows that the token still boasts a reasonable percentage of large investors.

Per the coin’s statistical summary on the data analytical platform, LTC’s concentration by large investors indicated 49%, implying that almost half of the coin’s holders are holding the coin in significant quantities.

50% Of LTC Holders Are In Profits Despite Its 75% Long-Term Holders

Going further into the LTC’s data summary, we discovered that the coin boasts a significant percentage of holders who have owned the coin long-term. The statistics revealed that 75% have held on to the coin for more than a year, 20% have owned the coin between one month and a year, and 6% have held on to the coin for less than a month.

Despite its significantly large long-term holders, LTC’s “Holders Making Money At Current Price” statistics revealed that only 50% of the coin’s holders are accumulating profits. 9% are neither recording gains nor losses, while the remaining 41% are incurring losses.

IntoTheBlock Litecoin Summary

LTC’s Market Readings Today

Litecoin’s price statistics on Coincodex revealed that the digital asset is changing hands at approximately $83.79, reflecting a 2.3% decline in the past 24 hours. Other significant market variables revealed a bullish sentiment, with a “Fear and Greed Index” that displayed extreme greed.

Considering the price readings above and other instances covered in this insight, it is safe to say that the Litecoin transaction surge did not elicit any significant changes that could have influenced the token’s market actions. However, there are chances that the transaction spike could be a progressive occurrence with profound future effects.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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