Litecoin Transactions, Values, and Active Address Growing while LTC Price Jumps 14% Ahead of Halving
- Litecoin price hits 11-months high ahead of its upcoming halving event
- Network value, daily transactions & active addresses starting to pick up
Since we entered into 2019 after the brutal winter of 2018, the on-chain metrics of Litecoin blockchain has been flattening that indicated a floor of intrinsic user interest in the network just like its price.
However, things have turned really good for the cryptocurrencies once the May month started. A dramatic surge in prices corresponded with a healthy and growing network development as well as interest once more started building up, per the data provided by Bitinfocharts.
However, network growth has been a delayed response to the rising market value that started increasing right from February and then further seeing a spike first in April and then exponentially in May. So, it’s to be seen if this is some kind of an anomaly and will return back to the previous levels.
Network Value, Daily Transactions & Active Addresses starting to Pick Up
If we take a look at the network value, it climbed to the level of $1.6 billion in terms of USD value on May 16th. Since peaking at that level, it has settled about $500 million that is up from the $170 million. However, these numbers are nowhere near the 2017 bull market numbers when value regularly surpassed $2 billion and $12 billion daily at the highs.
Similarly, average transaction value has increased from $7,000 to $20,000, peaking at $47,000. Such sizeable transactions mean it is back to being used as a speculative asset or could be used as a means to avoid the high transfer monetary fees.
Daily transactions have risen from 20k to 27k but far below the peak of LTC price at $400. However, it can be seen as an early sign that more intrinsic usage has started to pick up.
Apart from values, active addresses are also on a rise as they peak at over 80k which is a good sign but with a caveat that anyone can issue a large number of address which is common practice with exchanges managing disputes and withdrawals.
Litecoin Hits 11-month High ahead of its Upcoming Halving Event
All of the above-mentioned metrics have jumped in the wake of the ongoing monster rally in the market but not proportional to price. Since bottoming at about $20 in December 2018, the price first jumped above $50 in February and then took an even bigger jump to $84 in early April.
In May, LTC price has climbed to $116, the highest level of 2019 registered in the past 24-hours that has it among one of the biggest gains of today by 14 percent greens. At the time of writing, Litecoin has been trading at $114, which was last hit in June.
What’s interesting is the historically bullish event halving that is coming for Litecoin that will see coin reward decrease from 25 to 12.5 coins after 70 days. So, it could mean more uptrend for LTC.
As we can see the price has surged far and beyond the on-chain metrics which could mean growth might not be sustainable and hence could see a pullback.