From June 1st to June 16th, the Litecoin blockchain experienced significant activity and exhibited strong bullish fundamentals.
The analysis below takes a closer look at the observed trends and highlights the most notable changes over this period.
Litecoin address growth analysis
The period from June 1st to June 16th saw significant activity on the Litecoin blockchain, as evidenced by the increase in the total number of addresses. Below is a detailed analysis of the observed trends, highlighting the most important changes during this period.
This metric refers to the cumulative number of unique addresses created on the Litecoin blockchain.
The total number of addresses on the Litecoin blockchain has consistently increased from 283.8 million on June 1st to 287.42 million by June 16th. This represents an increase of approximately 1.28% over 16 days.
Read more: Litecoin: A complete guide to what Litecoin is and how it works
Litecoin: number of addresses. Source: Glassnode
From June 3rd to June 4th, we saw a significant change in the number of addresses. On June 3, there were 284.43 million addresses, which rose to 284.9 million on June 4. This represents an increase of 511,527 addresses. This day saw the largest single-day increase, indicating a significant influx of new users or addresses related to a specific event or increased network activity.
Another notable change occurred between June 12th and June 13th. The number of addresses increased from 286.11 million on June 12th to 286.7 million on June 13th. Addresses increased by 650,128. This represents the second largest increase in the dataset, suggesting that there was a period of renewed activity.
From June 15th to June 16th, the number of addresses increased from 287.25 million to 287.41 million, an increase of 165,306 addresses. Although smaller than previous spikes, this increase indicates continued interest and growth in the network towards the end of the period.
A consistent increase in the total number of addresses is a positive indicator of market sentiment. This suggests that trust and interest in the Litecoin network is increasing. Steady growth in addresses is a key adoption metric that reflects increased usage and engagement.
HODLers are gathering again
The HODLer Net Position Change indicator measures the net movement of Litecoin holdings by long-term investors (HODLers). It provides insight into the behavior of investors by tracking whether they are accumulating (buying) or distributing (selling) their Litecoin holdings. This indicator excludes lost coins and focuses only on actual movements, making it an accurate tool for understanding active holdings in the market.
Positive values: Indicates net accumulation by HODLers, suggesting long-term bullish sentiment and confidence. value. Negative values: Indicates net distributions by HODLers, suggesting bearish sentiment or profit-taking behavior.
The HODLer Net Position Change metric provides insight into the behavior of long-term Litecoin holders. Over the observation period from May 29, 2024 to June 16, 2024, this indicator has a positive value, indicating net accumulation rather than sales. However, the daily change in net position will fluctuate.
Read more: How to buy Litecoin (LTC) and everything you need to know
Litecoin: HODLer Net Position Change. Source: Glassnode
This indicator remained positive throughout the period. This indicates that HODLers were accumulating Litecoin overall, reflecting the bullish sentiment of long-term investors.
From May 29th to June 7th, HODLer’s net position change value decreased significantly, dropping from 228,717.03 to 104,604.04. This decrease suggests a lower accumulation rate or potential minor sales by HODLers during this period.
LTC’s fundamental outlook is bullish. The price of Litecoin has been on a downward trend recently, falling from a local high of $85 on June 6th to $75. This is primarily due to Bitcoin price fluctuations and their impact on LTC and the broader crypto market. Litecoin just broke through several key technical indicators, indicating that it could be a good time to buy given its solid fundamentals.
Assuming the local low is around here, it seems prudent to buy in the $71 to $75 range. If Bitcoin recovers to $68,000, Litecoin could rise to $80.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.
