Litecoin’s transaction volume reached a 2-year high as LTC price is up 55% over the past 7 days
The LTC price is up 55% over the past 7 days. It is the best-performing crypto-assets in the past week, outperforming both Bitcoin and decentralized finance (DeFi) tokens.
There are three major reasons why Litecoin has been rallying in tandem with Bitcoin. The reasons are a breakout against BTC, the historical relevance of LTC in previous bull cycles, and the growing certainty around BTC’s price cycle.
Litecoin (LTC) Fundamentals
According to on-chain market intelligence Glassnode, LTC transaction volume (1d MA) just reached a 2-year high of $72,019,480.27, previous 2-year high of $70,302,455.40 was observed on 17 May 2019.
Litecoin’s Fee Ratio Multiple (FRM) (5d MA) just reached a 14-month low of 539.015, previous 14-month low of 542.858 was observed on 21 November 2020.
FRM is a metric for measuring the distance proof-of-work blockchains have to cover in order to sustain current security levels solely through transaction fee revenue.
Litecoin’s MVRV Z-Score just reached a 17-month high of 0.920, previous 17-month high of 0.912 was observed earlier today.
According to Glassnode, the MVRV-Z Score is used to assess when an asset is overvalued or undervalued relative to its “fair value”, as underlined by the deviation between its market cap and realized cap. When market value is significantly higher than realized value, it has historically indicated a market top (red zone), while the opposite has indicated market bottoms (green zone).
LTC currently ranked #5 by market cap, is up 11% over the past 24 hours. LTC has a market cap of $8.13B with a 24-hour volume of $9.56B.
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