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- Litecoin monthly use in a year increased by over 109%.<\/span><\/em><\/li>\n
- LTC has been on an uptrend, with over a 6% increase in value in the past 48 hours.<\/span><\/em><\/li>\n<\/ul>\n
Litecoin [LTC]<\/a> saw a <\/span>remarkable<\/span><\/a> price surge that began as 2023 concluded. In addition, Litecoin recently declared that its monthly use had climbed by over 100% in just a year.<\/span><\/p>\n
This increase reflected a year-long trend of monthly user growth of 9% on average. Do important metrics appear to be convergent, and if so, what would this signify for LTC, moving forward?<\/span><\/p>\n
\n\u00a0Read Litecoin\u2019s [LTC] Price Prediction 2023<\/a>-24<\/span><\/p>\n
\nMonthly use on the rise<\/strong><\/h3>\n
According to a tweet<\/span> by Litecoin on 2 January, the monthly usage of Litecoin on one of the top crypto processors increased by 109%. <\/span><\/p>\n
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In just one year, monthly Litecoin use, with the worlds largest crypto processor, increased 109% 🚀 pic.twitter.com\/DBXe6OTdib<\/a><\/p>\n
\u2014 Litecoin (@litecoin) January 2, 2023<\/a><\/p>\n<\/blockquote>\n
Litecoin was created to be a quick and efficient cryptocurrency while still being decentralized and open-source. In 2011, it was formed as a fork of the Bitcoin [BTC]<\/a> blockchain, with an aim of delivering a quicker and lighter version of <\/span>Bitcoin<\/span><\/a>. <\/span><\/p>\n
Compared to Bitcoin, Litecoin\u2019s Scrypt proof-of-work algorithm was more user-friendly for miners using standard desktop computers. Because of this, more people can use Litecoin, making it a viable alternative to Bitcoin.<\/span><\/p>\n
No spike but growth noticeable in volume and active addresses<\/strong><\/h3>\n
Looking at the volume chart on Santiment, it became apparent that there was little increase in the number of <\/span>LTC transactions<\/span><\/a> over the past several days. As of this writing, the total value of all transactions was over 500 million.<\/span><\/p>\n
The volume seen at press time, as compared to the end of December 2022, could be considered as an increase. The recent uptick was still far lower than the roughly 11 billion volume it saw in 2021.<\/span><\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Litecoin-LTC-11.01.00-03-Jan-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
There was little increase in active addresses, according to a thorough examination of the active address chart for the previous 30 days. A rise from the 6.1 million addresses visible in the middle of December 2022 to the approximately 6.37 million active addresses could be observed as of this writing.<\/span><\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Litecoin-LTC-11.00.53-03-Jan-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Litecoin continues to surge but\u2026<\/strong><\/h3>\n
It was possible to see that LTC had risen above the short and long Moving Averages on a daily timescale (yellow and blue lines). The yellow line acted as the token\u2019s immediate support at the current price level, with the blue line visible farther down. <\/span><\/p>\n
LTC was trading at about $75 at the time of writing, up 6% during the previous 48 hours.<\/span><\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/LTCUSD_2023-01-03_11-01-20.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
The Relative Strength Index (RSI) indicator showed that the token\u2019s overall trend was bullish. Given its position, the RSI line rose after crossing the 50 line. The Moving Average Convergence Divergence (MACD) measure, which displayed a bullish crossover, also supported the optimistic narrative.<\/span><\/p>\n
One could confidently conclude that LTC was in a strong bullish trend when considering the MACD and the RSI. <\/span><\/p>\n
\n - LTC has been on an uptrend, with over a 6% increase in value in the past 48 hours.<\/span><\/em><\/li>\n<\/ul>\n