Altcoin such as Litecoin is surging as Bitcoin consolidates after its recent record-breaking rally
Alternative cryptocurrencies such as Litecoin, Cardano, and Chainlink are flying high Wednesday, as Bitcoin takes a bull breather. Litecoin traded at $195 earlier on Wednesday, its highest level since March 2018. At the lower press-time price of $180, the cryptocurrency is up 8.3% on a 24-hour basis.
Altcoin such as Litecoin is surging as Bitcoin consolidates after its recent record-breaking rally
Litecoin’s network activity has picked up alongside the 25% price gain seen this week alone. The number of active addresses has risen to 231,973 – the most since June 5, 2020, according to data source Glassnode. Meanwhile, the number of new addresses has increased to a 22-month high of 101,862.
Number of new Litecoin addresses | Source: Glassnode
The uptick in the number of new addresses is widely taken to represent an influx of investors. However, it is not a perfect indicator, as a single user can own multiple addresses.
Other altcoins such as XRP is up to 4.6%, Monero up to 3.4%. Meanwhile, Bitcoin is decreasing by 4.92%. Bitcoin cruised past the Jan. 8 high of $41,962 on Monday after Tesla disclosed purchases of the top cryptocurrency, and set new all-time highs above $48,000 early Tuesday. Traders expect more corporates to copy Tesla’s move, leading to a stronger price rally, although JPMorgan analysts played down the likelihood over bitcoin’s volatility risk.
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