Litecoin’s new daily addresses increased by 55% due to growing bullish sentiment.
The sentiment around Litecoin has become more positive as the network is approaching its halving event. This positivity is reflected in the significant increase in the number of new daily addresses on the blockchain, which has risen over the last week. On-chain data aggregator, IntoTheBlock, revealed that the number of new addresses on the Litecoin network has been increasing, with the majority of growth recorded in the last week alone, when the total new addresses jumped 55%. This rise has seen Litecoin’s total addresses cross the 200 million level, surpassing Ethereum’s 180 million but still far behind Bitcoin’s 1 billion total addresses. The surge in new Litecoin addresses shows that the bullish sentiment is spreading as new investors flock to the blockchain, ahead of the Litecoin halving, which is expected to take place less than two months from now. The halving event sees the block reward for miners on the network halved, creating an environment of scarcity, which can be a bullish event for the digital asset. Investors are hoping that the halving will trigger a rally, and as bullish sentiment rises leading up to the event, the cryptocurrency could easily cross the $100 mark. However, for now, the bears remain in control, and LTC continues to trade below its 50-day and 100-day moving averages.