For a while now, Litecoin (LTC) has been the underdog while its competitors have seen rather large growth. As of this writing, Litecoin’s price is $65.44, up 0.17% over the previous day according to statistics from CoinMarketCap. This price level, which represents the level the currency has traded at over the last month, is in a short-term range-bound motion.
Litecoin and peer on-chain outlook
Santiment research indicates that Litecoin has extremely active network behaviour, comparable to Maker (MKR) and Lido DAO (LDO). Litecoin’s daily active addresses have increased to 1.36 million at now, the greatest number since at least October 2023, according to the crypto analytics portal.
Maker and LDO have also had a significant increase, according to the Santiment statistics. However, because of their on-chain activity, the price of Litecoin has grown bullishly, placing it in the negative light. almost the last month, Litecoin’s growth has decreased by almost 9%, whereas Maker’s value has increased by 20% to $1,765.71, and Lido DAO has increased by 30.63%.
https://x.com/santimentfeed/status/1742999787790884872?s=20
Despite the differences in these three protocols’ value propositions, the idea that investors are adopting Litecoin for its usefulness rather than as an investment asset is supported by the absence of connection between the cryptocurrency’s on-chain activity and price increase.
Can Litecoin get boost with Bitcoin ETF approval?
August 2023 saw the most recent halving of Litecoin, however the asset’s price did not rise noticeably as a result.
Presently, there is a chance that Litecoin will profit from the excitement around the prospective Securities and Exchange Commission (SEC) approval of the spot Bitcoin ETF. A lot of cryptocurrencies are already trending in the direction of this potential, but Litecoin is yet unpriced for the spot BTC ETF excitement, which bodes well for the cryptocurrency’s future.
