Litecoin price falls short of expectations

Ordinal numbers have drawn attention to Bitcoin blockchain congestion. These NFT-like assets have led to a surge in active Litecoin addresses. Therefore, as Ordinals hype increases, an increase in address activity is unlikely to drive LTC recovery.

In fact, the price of LTC is down 10% on a weekly basis and 16% on a monthly basis.

ordinal hype and Event address more than Litecoin increases

According to data from BitInfoCharts, the number of active addresses on the Litecoin blockchain has exceeded 697,000 in the past 24 hours. This number exceeds the number of active addresses for Bitcoin and Ethereum, supporting the argument for increased activity on the Litecoin blockchain.

Typically, increased address activity is considered a bullish sign for LTC. However, this case involves an increase in the number of ordinal inscriptions on Litecoin. NFT-like assets record data, text, images, and videos into on-chain data on the Litecoin blockchain.

Litecoin has tweet According to its official X account, in the first week of 2024, there were 2 million Ordinals inscriptions on the LTC chain.

Litecoin price falls short of expectations

Data from cryptocurrency tracker Santiment shows that the number of addresses for Litecoin, Maker (MKR) and LidoDAO (LDO) has increased rapidly since January 5. This growth is usually associated with an increase in market capitalization. While Maker (MKR) and LidoDAO (LDO) are both delivering, the price of Litecoin is yet to rise.

Hpositive address and price belong Litecoin, LidoDAO and Maker | Source: Santiment

As of this writing, the LTC price is $65. LTC holders have been affected by monthly price drops of 10% and 16% over the past week. It remains to be seen where LTC price will go as the recent increase in address activity cannot be considered a bullish sign for LTC’s resilience.

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According to FXStreet