Litecoin is showing signs of an inevitable bull rally. Recently the price of LTC shot up in a brief period. According to statistics, LTC addresses have seen an upward trend, a move that has been growing since mid-2020.
A similar rally had also taken place in 2017, where the price of LTC had risen from $50 to $367. Another rally had also taken place in 2013, seeing the price of LTC surge from $5 to about $63. It looks like this trend is repeating in the year 2021.
Litecoin Price and Active Addresses Trend Analysis
Addresses Trend Analysis
Lately, the number of active LTC addresses has seen a sharp spike. This is too is similar to the 2013 and 2017 addresses, which also surge in terms of activeness. According to the seven-day MA timeframe, active addresses are moving upwards with no stopping as of 10th October 2021.
Looking at the trend of active addresses since 2013, a conclusion can be finalized on the similarity even though the figures are quite different. In 2013, about 16961 addresses were in the record as being active. At the time, LTC was $5. when the rally occurred, the price shot to 95$, and the number of active addresses moved from 16961 to 18322.
By the start of 2017, the coin had sunk to about $21. However, towards the end of 2017, the market surged, helping LTC rise from $23 to about $369. The number of active addresses shot up to about 22000.
Price Trend Analysis
Based on the above analysis, the trend is picking up again, and notably; the addresses have begun increasing again. As mentioned above the price of LTC has been rising high and falling dip. in 2016 the price rose by 27% ending the year at $4.5.
However, in 2017, the coin was the most bullish seeing the price rising by over 5200% to about $369. This was followed by a massive bearish move in 2018, price settling at $30. beginning of 2019, the price rose to about $150, ending the year at 33.7%
Currently, LTC’s price is $200 at the time of writing. According to analysts, with the expected massive bull rally in the crypto market, LTC might see another surge like the one of 2017, and their expectation is another 5000% to happen, which will surge prices to the moon.
Comparing Litecoin To Bitcoin
Lately, litecoin has been receiving massive support from Bitpay. AMC.Inc. has also been receiving LTC for payment of its tickets from its customers.
Created as a forked coin like BTC, Litecoin is also capped at 84 million coins. However, unlike BTC, it has a fast block time of 2.5 minutes compared to 10 minutes of BTC. LTC also has less difficulty during mining. However, it uses proof of work similar to Bitcoin.
Bitcoin is so powerful looking at how it has been pulling and pushing the altcoins up and down. When BTC rose from $4000 to $20000, LTC also rose from $23 to about $369. BTC suffered another correction which took it to about $6000, and LTC deepened its curve to about $32.
Looking at the current trend in the pioneer coin, LTC is also following suit, which means BTC has some control over the crypto market to a certain extent.