Litecoin hits over 1 million daily transactions for the first time in 2023 alongside LTC price rally

Litecoin active addresses climbed consistently between November 11 and December 31.
LTC daily transactions hit a record 1 million for the first time in 2023, while Litecoin price rallied.
Litecoin yielded nearly 7% gains in the past month for LTC holders.

Ekta Mourya FXStreet

Litecoin price climbed 7% in December alongside an increase in volume, active addresses and daily transactions in the decentralized project. LTC hit a new milestone in 2023 with a record 1 million in daily transactions for the first time.

Also read: Vitalik Buterin proposes to solve Ethereum design’s weakness through update

Litecoin daily transactions hit key milestone

Litecoin, a decentralized asset used for borderless transactions. The altcoin hit a key milestone with 1 million daily transactions in 2023. The asset’s price is up 8.61% in the past year, and offered LTC holders nearly 7% monthly gains.

According to on-chain data from Santiment, LTC active addresses climbed between November 11 and December 31.

LTC daily transactions and price. Source: Santiment

Santiment data reveals that despite consistent profit-taking by LTC holders, Litecoin price increased from its September 11 low of $58.83 to December 8 local high of $76.28. Litecoin enjoys a relatively high correlation with Ethereum, at 0.78, therefore LTC price is likely to follow ETH in its steps.

Large wallet investors are on the move in Litecoin as whale transactions coincide with spikes in Network Realized Profit/Loss metric, as seen in the Santiment chart below. This signals that Litecoin’s uptrend is not influenced by profit-taking activities of LTC holders.

Litecoin whale transactions and Network Realized Profit/Loss. Source: Santiment

Ethereum has sustained above the $2,200 level since December 21, and the altcoin's uptrend is one of the factors supporting LTC price gains.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.

XRP slides below 50-day EMA as selling pressure intensifies

Ripple is edging lower toward the pivotal $2.00 level at the time of writing on Friday, marking three consecutive days of declines. The sell-off extends across the crypto market, with Bitcoin falling toward $95,000 and Ethereum pressing down on support at $3,300.