Litecoin (LTC) Jumps 5% As Record 25M Ordinals Inscribed On-Chain
The price of Litecoin (LTC) is on seeing a bullish uptick in a unique return to positive updates within its ecosystem.
The Litecoin Ordinals Blowout
According to the official Litecoin X account, the protocol has recorded 25 million Ordinals inscribed on-chain.
This implies that in the space of two weeks, about 1 million Ordinals were added to Litecoin. In the second week of June, Litecoin announces the inscription of 24 million Ordinals on the blockchain network. This surge in activity reflects the network’s robust and efficient capabilities, especially in handling increased transactions without compromising speed or security.
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
Attaining this milestone is significant for Litecoin as it demonstrates its programmed scarcity as well as its potential influence on the dynamics of the market. The presence of more Ordinals, or individual units on the Litecoin blockchain shows the network’s capacity to control a higher volume of assets and transactions.
At the beginning of June, Litecoin registered an increase in activity and users’ engagement. The network’s activity soared with a 75% increase in active addresses and 426,000 transactions. This indicates growing interest and potential for broader adoption. The surge in activity caused Litecoin to reach the highest level since January, surpassing Ethereum with over 100,000 active addresses.
Noteworthy, this was around the time when the network was undergoing steady recovery from buyers. The growth was showcased based on an ascending trendline in the daily chart. Hinged on this condition, LTC price moved from $70.5 to $83.68 at the time, registering a growth of 18.68%.
Litecoin Enters And Exit Depression Mode
For a while, LTC price has been on a bearish trend, but a recent bullish divergence suggested the end of the downtrend.
The latest price gain also underscores the era of a positive sentiment. At the time of this writing, LTC was trading at $72.34 at a 24-hours gain of 5.2%. After the coin reclaimed the 20-day EMA as immediate support in mid-June, some analysts and market observers believed that Litecoin was very close to breaching resistance at $80. However, the crypto has not successfully reach this level in the last few weeks.
There are still speculations mixed with optimism that Litecoin will push through to $100 in the long term.
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