• Litecoin active addresses exceeded those of Bitcoin and Ethereum in the past 24 hours, hitting 718,200 temporarily.
  • In the first week of 2024, a total of 2 million ordinals have been inscribed on Litecoin, partly explaining the sharp increase.
  • LTC price movement is slow despite rising address activity, retail traders begin accumulation.

Ordinals made headlines for congestion on the Bitcoin blockchain, the NFT-like assets have caused a spike in active addresses on Litecoin (LTC). The surge in address activity is therefore unlikely to fuel a rally in LTC as the hype surrounding ordinals increases.

Litecoin price has fallen nearly 12% weekly and 18% monthly.

Also read: Chainlink supply on exchanges hits six-month low, fueling LINK price recovery thesis

Ordinals hype increases, Litecoin active addresses rise

Litecoin blockchain’s active addresses crossed 697,000 (at the time of writing) in the past 24 hours, according to data from BitInfoCharts. The number eclipsed Bitcoin and Ethereum’s active addresses, supporting the thesis of rising activity on the Litecoin blockchain.

Typically, a rise in address activity is considered a bullish sign for LTC price. However, in this case, it is related to the surge in ordinals inscription in Litecoin. These NFT-like assets inscribe data, text, images, and video in on-chain data on the LTC blockchain. 

Litecoin tweeted through its official X account that a total of two million ordinals have been inscribed on the LTC chain in the first week of 2024. 

Litecoin price fails to deliver expectations

Data from crypto intelligence tracker Santiment suggests that as of January 5, Litecoin, Maker (MKR) and LidoDAO (LDO) noted a rapid increase in addresses. This increase is typically associated with a rise in market capitalization. While both Maker (MKR) and LidoDAO (LDO) delivered, Litecoin is yet to see a price rally. 

LTC

Litecoin, LidoDAO and Maker address activity and prices. Source: Santiment 

At the time of writing, Litecoin price is $64.55 on Binance. In the past week, LTC holders were hit by a 12% decline in the altcoin’s price and an 18% decline in a monthly time frame. Since the recent address activity surge cannot be considered a bullish sign for LTC price recovery, it remains to be seen where LTC price is headed.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin bull market is still going strong, on-chain data shows

Bitcoin’s (BTC) price outlook remains positive in the short term despite its recent stabilization, on-chain data suggests, propelled by easing selling pressure by long-term holders and activity from large-wallet investors. 

More Bitcoin News

Dusk price sets the stage for a 20% rally

Dusk price sets the stage for a 20% rally

Dusk price is currently being rejected at around $0.426 level. The on-chain metric suggests DUSK growing network and dormant wallets are moving upwards again. A daily candlestick closing below $0.286 would invalidate the bullish thesis.

More Cryptocurrencies News

Digital asset inflows reach record high year-to-date

Digital asset inflows reach record high year-to-date

CoinShares' weekly digital asset flows, released on Tuesday, reveal that digital assets recorded a three-week consecutive rise in inflows, amounting to a record high of $14.9 billion already this year.

More Cryptocurrencies News

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves

Bitcoin declined briefly from the $70,000 mark on Tuesday as Semler Scientific and Mt Gox made notable whale moves. Glassnode also shared key on-chain insights that breathe clarity into the market's current state.

More Bitcoin News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP