On the 9th of May, 2023, transaction volume on the Litecoin network reached an all-time high of 576 thousand plus daily transactions. Interestingly, LTC went head-to-head with BTC in daily transaction volume. At the start of May, the two cryptocurrencies were separated by some colossal distance, with BTC leading the track.
In the opening days of this month, Bitcoin had an average daily transaction count of 457 thousand transactions, while LTC averaged 142 thousand transactions. However, Litecoin closed the gap with the leading cryptocurrency within a week. Data from Bitinfocharts reveals that Litecoin has a record of 576 thousand transactions in the last 24 hours, while Bitcoin had 594 thousand transactions.
The massive peak in LTC transactions indicates a revival in investors’ interest. Further, the cryptocurrency is showing some positive price action. Litecoin’s daily chart shows the cryptocurrency trending upwards.
Will Litecoin Cross the $100 Mark From Here?
Litecoin is currently 80% down from its all-time high of $412. LTC reached this remarkable peak during the bull run in May 2021. Despite the decline of LTC from May 2021 till date, the cryptocurrency has still made massive gains for some investors. The nearest resistance target for LTC would be the $100 – $105 region. Litecoin has already reached these levels twice this year, once in February and the second in April.
LTC has a current price of $81 and is trading around a trendline support. A bullish reversal candlestick formed around this region could validate a buying opportunity for bullish traders. Further, LTC’s RSI on the daily timeframe is in no way near the overbought region. LTC currently has an RSI value of 38. The RSI value reveals that Litecoin is currently trading near a support zone.
A bounce from the current levels and continuation of an uptrend could see LTC cross the $100 mark in the coming days. $80 is a fair region to acquire the asset, and a good level to take profit would be around $105. Of course, prudent traders would apply proper risk management practices before opening any buy or sell positions.
Litecoin is a cryptocurrency created in 2011. LTC is a fork of Bitcoin. The Litecoin network was designed to solve the high-fee problem on the Bitcoin network. The Bitcoin network is secure but not the most suitable blockchain network for financial transactions. The slow throughput on the network and high fees are a turn-off for many users. Litecoin solves this problem, offering a higher throughput and lower transaction fees.
Just like Bitcoin, Litecoin uses the proof-of-work consensus mechanism to validate transactions. Interestingly, the Litecoin network has gained extensive adoption globally, and the cryptocurrency is now accepted as payment by thousands of merchants. Litecoin currently has a market cap of $5.89 billion and the ranked as the 13th largest cryptocurrency by market cap.