Litecoin (LTC) Jumps 5% As Record 25M Ordinals Inscribed On-Chain

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As a researcher with extensive experience in the cryptocurrency market, I’m excited to see the bullish uptick in Litecoin (LTC) and the significant developments within its ecosystem. The recent surge in Ordinals inscribed on the blockchain is a remarkable achievement for Litecoin, demonstrating its programmed scarcity and potential influence on the market.

The cost of Litecoin (LTC) has recently surged upward due to optimistic developments within its community.

The Litecoin Ordinals Blowout 

Based on the information from the authentic Litecoin (LTC) social media handle identified as X, there have been approximately 25 million Ordinal inscriptions processed on the blockchain.

Over a two-week period, approximately 1 million new Ordinal tokens were incorporated into Litecoin. In the second week of June, it was announced that an additional 24 million Ordinals would be inscribed onto the Litecoin network. This surge in activity demonstrates the network’s strong and effective performance, particularly its ability to process large volumes of transactions without sacrificing speed or security.

I’m thrilled to share some exciting news with you all as a fellow crypto investor. The Ordinal inscriptions on Litecoin have reached an all-time high of 25 million! That’s a significant increase from the previous count of 23.5 million, adding approximately 1.5 million in just two short weeks. #Litecoin #Ordinals #LTC20
— Litecoin (@litecoin) June 27, 2024

Reaching this achievement is noteworthy for Litecoin since it underscores its inherent scarcity and potential impact on market trends. The emergence of additional Ordinals, representing individual units, on the Litecoin blockchain highlights the network’s ability to manage a greater volume of assets and transactions.

As a data analyst, I’ve observed some intriguing trends in Litecoin’s performance during early June. The platform experienced a significant uptick in both user engagement and network activity. Specifically, we saw a noteworthy 75% jump in the number of active addresses, along with approximately 426,000 completed transactions. This surge in activity suggests a growing level of interest and potential for broader adoption. In fact, Litecoin managed to reach its highest point since January, surpassing Ethereum by boasting over 100,000 active addresses.

Around this period, I noticed the network making a steady comeback as buyers stepped in. This was evident in the daily chart’s ascending trendline. Consequently, Litecoin’s price climbed from $70.5 to $83.68, resulting in a substantial gain of 18.68%.

Litecoin Enters And Exit Depression Mode

The LTC price had been declining for some time, but more recently, a bullish divergence emerged, hinting that the downward trend might be coming to an end.

The recent price increase of Litecoin, currently at $72.34 with a 24-hour gain of 5.2%, highlights the current optimistic market outlook. After recovering the 20-day moving average as its immediate support in mid-June, some experts predicted that Litecoin would soon surpass resistance at $80. Yet, it has failed to reach this mark over the past few weeks.

In the long run, some believe that Litecoin’s price may reach $100 despite ongoing debates and hopefulness.

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2024-06-27 21:48