Why is Litecoin price up today?

On June 1, Litecoin (LTC) was one of the top performers in the crypto space, as traders noticed its robust network expansion in recent months.

The LTC price rose 3% to an intraday peak of approximately $95. Meanwhile, its main competitors, Bitcoin (BTC) and Ethereum (ETH), decreased by 2.25% and 1.75% respectively, resulting in a rare divergence between the markets.

Litecoin unique addresses jump in May, shatterin previous records

Two days after IntoTheBlock tweeted positively about Litecoin, the cryptocurrency saw a surge in its market performance.

The blockchain analytics platform tweeted about the noteworthy increase in Litecoin’s non-zero addresses, which rose to 8.5 million on May 22 from around 7.09 million at the start of April.

It is possible that the growth was caused by existing Litecoin holders spreading their coins across newly-made wallets. Furthermore, it could be attributed to the influx of new Litecoin users, indicating an increase in the demand for LTC tokens.

In May, the total number of distinct Litecoin addresses registered the greatest monthly increase ever, going up from 184.66 million to 196.84 million.

The increase in Litecoin’s network activity coincided with its entrance into the non-fungible token (NFT) market by using a new token standard known as LTC-20. Additionally, the potential for gains in the days before Litecoin’s halving in August could have also contributed to the growth of the LTC address count.

Is $100 Litecoin next?

Litecoin’s intraday surge has taken its value close to a short-term resistance area of approximately $93 to $96, which has been hindering its upside progress since April.

A break above the $93 to $96 range could push the LTC price towards $100. Conversely, a retreat from this area could lead to a decrease towards the ascending trendline support, which is in line with its 50-day exponential moving average (the red wave) close to $89.

Charlie Lee predicts that Litecoin prices could increase by 700% compared to Bitcoin.

Looking ahead, Litecoin is expected to appreciate up to $250, largely as a result of a classic bullish reversal formation as well as the increasing enthusiasm surrounding its halving, as can be seen in the chart below.

Analyst ‘Doctor Profit’ anticipates that the LTC price will increase due to the halving FOMO, but only up to $150. He further commented: