Litecoin’s resurgence has been a hot topic for some time. Over the past week, this altcoin has seen significant growth. According to on-chain statistics, Litecoin’s weekly trading volume has reached its highest level since May 2023, signaling a sudden rise in the LTC network, often considered a bullish indicator.
Rising Litecoin Volume
Jay Milla, Marketing Director at the Litecoin Foundation, shared the latest development in a post on X. He highlighted that the LTC network saw substantial transactions in the past week. Here, “trading volume” refers to an on-chain measure recording the total number of Litecoin involved in daily network transactions.
Over the past week alone, the network recorded a total volume of 512.8 million LTC, which equates to more than $35.4 billion based on current crypto exchange rates. This suggests an average daily transaction volume of over $5 billion.
With the recent rise in Litecoin’s trading volume, users have engaged in more activities. Historically, Litecoin has performed well thanks to its reputation for fast and low-cost transactions—a feature that still appears to attract users today.
Is This Litecoin’s Ticket to the Top 10?
Once a leading cryptocurrency and one of the first assets on the market, Litecoin is currently the 21st-largest cryptocurrency. It has a market cap of $5.24 billion, up 1.23% in the past 24 hours. Considering the other cryptocurrencies on the market, a surge to the top 10 would be challenging for LTC.
Litecoin was trading at $69.74 at the time of writing, following a 1.21% increase in the past 24 hours. It’s worth noting that LTC climbed above $75 earlier this week.
