Soon after Litecoin’s halving event in August last year, the cryptocurrency witnessed a significant decline in its value. Despite numerous attempts for an upside breakout, LTC’s price was found to be consolidating below the 50-mark which caused it to slide to the 10th position on the cryptocurrency leaderboard.
However, several indices suggested a bullish flip in the near future.
Transactions hit levels unseen since November 2019
According to BitInfoCharts, the number of transactions in the Litecoin blockchain per day has surged to 57.39K, reaching a 10-months high. As depicted by the chart above, the growth has been gradual and reached a local top on the 20th of August when its price climbed above $67. Transaction figures dipped shortly after the LTC’s price underwent subsequent market corrections.
Accompanying the surge in transaction figures was the daily active addresses which also noted a consistent growth in figures. The latest uptrend could be a positive development for the LTC ecosystem which has been anticipating a bullish reversal for a long time now.