Trading digital assets are now something that has seen growth generally over last year and the beginning of this year. Even at that, people are no longer following the narrative of trading just Bitcoin as they have chosen to diversify. However, according to new data obtained, the number of active Litecoin addresses has grown up to six times its number.
Giving a full review of the details behind the report, Glassnode pointed out that the number nine coin has seen patronage in the last year to register such figures. In their report, Glassnode pointed out that Litecoin addresses have skyrocketed and are now closing on the 100,000 regions.
Active addresses now around 300,000
Giving his review, one of the top members at Litecoin Foundation, David Schwartz, noted that the figure signifies more than five times growth the previous amount of active addresses. He also mentioned that even though some of the addresses are no longer active, he stressed that they were very active last year.
“We are very surprised with the massive growth of active Litecoin addresses over a year to register a six times growth. Previously, we see active addresses close in on 50,000 at the beginning of last year, but they are now about 300,000 presently,” he said.
One thing has spurred the growth in the active addresses, and yes!, It is the massive growth in the price of digital assets over the course of last year. Most of the digital assets, Litecoin inclusive, still registered new price highs in the wallet parts of this year before volatility set in the market at the stater of this month.
Litecoin is projected to decline a little in price
In a recent CoinGecko figure, Litecoin presently trades at $202 while boasting of an entire market cap of about $13 billion. Presently, the coin has a total circulating supply of nothing less than 66 million at this time. However, this is regarded as a good move for the digital assets because the price of the digital asset got affected by the Balck Thursday event in March last year, and its price also fell close to $30 around May last year.
However, all things on its on-chain analysis are pointing to a correction. Presently, Litecoin is trading under its 34 period moving average. The moving average is the yardstick that analysts and traders use to measure the market trends and where the digital asset would trade in the coming days.
The next support of the asset is the $195 price mark, and traders would need to step in when the price touched that level. Even though others show a neutral move, the digital asset could retract and hit the $200 range in the coming days. Other factors that have helped the price of the asset include the release of the Mimblewinble.