- The trader and analyst Ali tweeted that the number of active LTC addresses has spiked in the past few days.
- Santiment also highlighted several positive shifts in on-chain metrics for LTC in their latest insights report.
With its halving event 80 days away, Litecoin (LTC) has recently seen a notable increase in network activity as investors and traders attempt to position themselves for the potential rally that will follow the event. In a tweet earlier today, the crypto trader and analyst Ali shared that the LTC network saw its largest spike in active addresses over the past few days.
In the post, he highlighted that more than 832,000 LTC addresses were interacting on the network as either sender or receivers. The trader’s tweet was shortly followed by a tweet published by Santiment, a blockchain intelligence firm, which discussed additional on-chain metrics for LTC which have experienced a positive shift recently.
In its latest insights report, Santiment mentioned that many traders and investors expect the halving event to have a positive impact on LTC’s price. Furthermore, Santiment noted that discussions around LTC started increasing around 1 May 2023.
Within the two weeks that followed, forums and posts started showing signs of increased interest in the event, constantly reminding traders of the approaching halving. During this time, on-chain transaction volume also started to climb, the report added.
The increase in the number of active addresses shared in Ali’s tweet saw the on-chain metric reach a more than 1-year high, according to Santiment. In the past 5 days, the number of active LTC addresses has “calmed down,” however, but the blockchain intelligence firm predicted that the number may rise again soon.
Santiment also referenced the 30-day and 365-day MVRV ratios which were above 0% – indicating that average traders are “well above water and thriving.” Therefore, they cautioned that traders and investors looking to buy into LTC may want to wait for these ratios to lower before going long on the altcoin again.
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