Key On-Chain Metrics Show Promising Growth for Litecoin

• Litecoin (LTC) has experienced a surge in on-chain metrics, with a 55 percent increase in new addresses and a 28 percent increase in daily active addresses over the past week.
• The upcoming Litecoin halving event, scheduled in less than two months, is expected to have a positive impact on the network. 

While everyone’s currently talking about the recent moves in the Bitcoin (BTC) price, one altcoin that’s currently on investors’ radar is Litecoin (LTC). As per the crypto analytics firm IntoTheBlock, the P2P blockchain network Litecoin witnessed a sharp surge in on-chain metrics over the last week.

As per the crypto analytics firm, the total new addresses on the Litecoin blockchain surged by 55 percent last week while the daily active addresses surged by 28 percent during the same time. The tweet from IntoTheBlock reads:

Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!

The remarkable surge in new addresses has propelled Litecoin’s total number of addresses beyond 200 million, surpassing Ethereum’s count of 180 million. However, Litecoin still has a significant gap to close compared to its main competitor, Bitcoin, which boasts over 1 billion addresses.

Nevertheless, the rapid increase in new Litecoin addresses signifies the growing optimism as fresh investors join the blockchain. This trend is occurring in anticipation of the upcoming Litecoin halving, scheduled in less than two months.

The Litecoin Halving Event

Investors are eagerly awaiting the upcoming Litecoin halving event scheduled ahead this year in August 2023. The upcoming Litecoin halving is scheduled to occur in around 44 days, specifically at a block height of 2,520,000.

Halving is a term used to describe a predetermined decrease in the rate of newly minted LTC coins given to miners. During this halving event, the block rewards will be reduced from 12.5 LTC to 6.25 LTC. On the Litecoin network, a new block is generated approximately every two-and-a-half minutes.

In the past, halving events have often led to substantial price increases in the corresponding cryptocurrency. With Litecoin’s halving scheduled to occur in less than two months, growth in the network is expected, considering this historical trend.

Litecoin (LTC) Price Rally

Litecoin (LTC) has participated throughout the crypto market rally in 2023 and even since the beginning of this week. Over the last three days, the LTC price is up by 15 percent and it is currently trading at $87 with a market cap of over $6.2 billion.

Amid the broader market rally, LTC seems to have entered a bullish momentum for now. As of now, the immediate resistance level for Litecoin is $90, and the next one at $105. So far in 2023, the LTC price has touched $105 levels twice which serves as strong resistance for the cryptocurrency. Market analysts are bullish that the Litecoin price could surge further to $150 by the end of the year.

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