Litecoin Breaks Bearish Trend with 25 Million Ordinals, Price Up 5%

• Litecoin reaches a record 25 million Ordinals, reflecting robust network activity.
• Price increases by 5%, signaling a potential bullish trend.

Litecoin ($LTC) has experienced significant growth, adding 1.5 million Ordinals in just two weeks. This increase aligns with CNF’s previous highlight on significant fluctuations in the number of addresses on the Litecoin network during this time, offering insightful information about user involvement and market sentiment.

Litecoin is known as a decentralized digital currency that enables seamless, near-zero-cost payments globally. According to an update tweet from Litecoin, the breaking news shared that a record 25 million Ordinals have now been inscribed on the Litecoin blockchain. This surge in activity demonstrates the network’s capacity to handle increased transactions efficiently.

BREAKING: A record 25 MILLION Ordinals have now been inscribed on Litecoin! #Litecoin ⚡️ $LTC
Adding 1.5 million in just two weeks. #Ordinals #LTC20 pic.twitter.com/IzOwUVKZXE

— Litecoin (@litecoin) June 27, 2024

At the beginning of June, Litecoin saw a 75% increase in active addresses and 426,000 transactions, reflecting growing user engagement and surpassing Ethereum in active addresses. These metrics indicate a rising interest and potential for broader adoption of Litecoin.

Positive Price Movement

According to a news update in Coin Market Cap Today, there are three main aspects on how Litecoin breaks the bearish trend with 25 million Ordinals, price up 5%:

1. Surge in Ordinals Activity: Litecoin added 1.5 million Ordinals in two weeks, reaching a record 25 million, demonstrating the network’s capacity to handle increased transactions efficiently.
2. Increased Network Activity and Adoption: Litecoin saw a 75% increase in active addresses and 426,000 transactions at the beginning of June, reflecting growing user engagement and surpassing Ethereum in active addresses.
3. Positive Price Movement: Despite a bearish trend, Litecoin’s price gained 5.2% recently, moving from $70.5 to $83.68, supported by a bullish divergence and increased network activity.

Furthermore, according to CoinMarketCap data, at the time of writing, Litecoin (LTC) trades at $73.27, with an increase of 3.34% in the past day and 0.94% in the past week.

Some crypto analysts regard Litecoin as a “sleeping giant” awaiting a bullish signal to reach a new all-time high (ATH). For more details on Litecoin’s market trends, refer to the previous CNF post titled Is Litecoin (LTC) Heading Towards $63? Market Indicators Suggest Bearish Trend.

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