Numerous LTC metrics rise as BTC leads the new rally

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 5, 2020
  • Litecoin has recently seen a strong surge in a number of different metrics.
  • The coin saw the growth of new active addresses, but also a surge in transactions and median daily volume.
  • The reason behind this could be the market rally, but also the recent addition of LTC trust on Grayscale.

Litecoin (LTC) recently started seeing the rise of a number of different metrics, according to recent reports. The reports were published by Glassnode Alerts, Glassnode’s analytics supplier.

Litecoin metrics on the rise

One important rise was seen in the project’s number of new addresses, indicating that a lot more people decided to join the LTC market.

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In fact, Litecoin has seen a new four-month high, with over 2,293,458 addresses. The move came simultaneously with the rise of BTC, once again justifying Litecoin’s reputation of being silver to Bitcoin’s gold.

More importantly, the addresses are active, meaning that each has at least some amount of LTC stored within. This was also confirmed by Glassnode, which refers to them as non-zero accounts.

Next, Glassnode also noted that Litecoin saw a major surge of median transfer volume, which climbed up by 29.5% in the last 24 hours. The metric shows a new total of 1,363 LTC.

However, that is not all, as Glassnode also noticed a significant growth of LTC transactions, which increased by 22.5%.

A potential reason behind LTC’s increased activity

These strong changes might be a result of the growth of the altcoin market, but it is also very likely that there is more to it than that.

For example, only recently, a major investment fund, Grayscale, announced the addition of two new crypto trusts — Bitcoin Cash Trust and Litecoin Trust. The company has been working on solving regulatory issues for quite some time, and its efforts finally paid off. With the addition of new trusts, the firm is hoping to allow retail investors to gain an easier way of accessing cryptos. These are not Grayscale’s first trusts, of course, as it already offered three others, for Bitcoin, Ethereum, and Ethereum Classic. With Bitcoin Cash and Litecoin trusts, it now has to offer five of them.

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