Summary
- Litecoin’s price has seen a major surge and is close to reaching the crucial resistance.
- The network has released new LRC-20 standards as the adoption of Bitcoin’s BRC-20 tokens increases.
- The Litecoin daily active address, transaction count and social dominance have all surged significantly.
Litecoin Price Surge
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, Litecoin is displaying immense bullish momentum as the network’s strength has soared.
New LRC-20 Standards
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 this standard is in its early stages, it is believed to represent a significant step in the network’s evolution.
Rise in DAA Levels & Transaction Count
Within no time after releasing these new standards, Litecoin’s daily active address (DAA) record also saw a huge jump from 300K levels to around 900K. The transaction count also marked new highs at close to 585K which had maintained a closed trend of around 100K for over a year. Furthermore, Litecoin’s social dominance experienced steady growth which indicates that its dominance has increased compared to other top 100 tokens according to market cap.
Price Expectations & Halving Event
With this increasing dominance and other positive developments on its chain, Litecoin’s price rally is expected to achieve its interim milestone at $100 initially. Therefore, with this rising bullish sentiment ahead of halving event scheduled later in 2023; investors are likely looking up for great returns from their investment in LTC token.