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Litecoin (LTC) has been playing the second fiddle for some time now as its peers have recorded comparatively massive gains. At the time of writing, data from CoinMarketCap shows Litecoin is up by 0.17% in the past 24 hours to $65.44. This price level is in a short-term range-bound motion that marks the level the coin has traded at in the past month.
Litecoin and peer on-chain outlook
According to data from Santiment, Litecoin has very robust network activity, similar to that of Maker (MKR) and Lido DAO (LDO). The crypto analytics platform revealed that Litecoin’s daily active addresses have grown to the highest level since at least October 2023, and at the moment, the figure comes in at 1.36 million addresses.
Per the Santiment data, Maker and LDO have also recorded this much boost, however, their on-chain activities have led to bullish price growth, putting Litecoin in the spotlight as an underperformer. While Litecoin’s monthly growth has slumped by more than 9%, Maker has recorded a 20% surge in that period to $1,765.71 and Lido DAO has soared by 30.63%.
While the value proposition of these three protocols differ, the lack of correlation between Litecoin’s on-chain activity and price surge underscores the premise that investors are adopting Litecoin for its utility, but not necessarily as an investment asset.
Can Litecoin get boost with Bitcoin ETF approval?
Litecoin witnessed its last halving event in August 2023, but it failed to trigger a significant boost in the price of the asset.
Current permutations now lay in the possibility of Litecoin benefiting from the hype around spot Bitcoin ETF’s potential approval by the United States Securities and Exchange Commission (SEC). Already many altcoins are moving in line with this possibility, however, the spot BTC ETF hype is not yet priced into Litecoin, a bullish allowance for the future of the digital currency.
Tomiwabold Olajide
Yuri Molchan
Arman Shirinyan
