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Litecoin (LTC) Fundamentals Indicate Bullish Momentum

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From June 1 to June 16, Litecoin’s blockchain experienced significant activity, indicating strong bullish fundamentals.

The following analysis delves into the observed trends, highlighting the most noteworthy changes during this period.

Litecoin Address Growth Analysis

The period from June 1 to June 16 witnessed important activity in the Litecoin blockchain, as indicated by the growth in the total number of addresses. Below is a detailed analysis of the observed trends, highlighting the most significant changes during this period.

This indicator refers to the cumulative number of unique addresses that have been created on the Litecoin blockchain.

The number of total addresses on the Litecoin blockchain consistently increased from 283.80 million on June 1 to 287.42 million by June 16. This represents a growth of approximately 1.28% over the 16-day period.

Read More: Litecoin: A Complete Guide to What it is And How it Works

Litecoin: Number of Addresses. Source: Glassnode
Litecoin: Number of Addresses. Source: Glassnode

Between June 3 and June 4, we saw a significant change in the number of addresses. On June 3, there were 284.43 million addresses, which jumped to 284.9 million by June 4. Marking an increase of 511,527 addresses. This day saw the largest single-day increase, indicating a substantial influx of new users or addresses, likely linked to specific events or heightened network activity.

Another notable change occurred between June 12 and June 13. The number of addresses increased from 286.11 million on June 12 to 286.7 million on June 13. An increase of 650,128 addresses. This represents the second-largest increase in the dataset, suggesting another period of heightened activity.

From June 15 to June 16, the number of addresses rose from 287.25 million to 287.41 million, an increase of 165,306 addresses. Although smaller than the previous spikes, this increase indicates sustained interest and growth in the network towards the end of the period.

The consistent increase in total addresses is a positive indicator of market sentiment. It suggests growing trust and interest in the Litecoin network. The steady growth of addresses is a crucial adoption metric, reflecting increased usage and engagement.

HODLers are accumulating again

The HODLer Net Position Change indicator measures the net movement of Litecoin holdings by long-term investors (HODLers). It provides insights into these investors’ behavior by tracking whether they are accumulating (buying) or distributing (selling) their Litecoin holdings. This metric excludes lost coins, focusing only on actual movements, making it a precise tool to understand the active holdings in the market.

  • Positive Values: Indicate net accumulation by HODLers, suggesting bullish sentiment and confidence in the long term. value.
  • Negative Values: Indicate net distribution by HODLers, suggesting bearish sentiment or profit-taking behavior.

The HODLer Net Position Change metric provides insight into the behavior of long-term Litecoin holders. Over the observed period from May 29, 2024, to June 16, 2024, the metric shows positive values, indicating net accumulation rather than selling. However, the daily net position changes fluctuate.

Read More: How To Buy Litecoin (LTC) and Everything You Need To Know

Litecoin: HODLer Net Position Change. Source: Glassnode
Litecoin: HODLer Net Position Change. Source: Glassnode

The metric remained positive throughout the period, which indicates that HODLers were generally accumulating Litecoin, reflecting a bullish sentiment among long-term investors.

From May 29 to June 7, the HODLer Net Position Change values decreased noticeably, dropping from 228,717.03 to 104,604.04. This decrease suggests a reduction in the accumulation rate or potential minor selling by HODLers during this period.

The fundamental outlook for LTC is looking bullish. The recent downtrend in Litecoin’s price, dropping from a local high of $85 on June 6 to $75. This is mainly due to Bitcoin’s price action and its impact on LTC and the broader crypto market. Litecoin has just broken through some major technical indicators, signaling that it might be a good time to buy, given the strong fundamentals.

Buying in the $71 – $75 range seems prudent, assuming the local low is around this area. If Bitcoin rebounds to $68,000, we could see Litecoin climbing back to $80.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why SUI Network Outage Did Not Cause a Price Crash

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Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.

Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.

Sui Comes Back Online, Altcoin Still in Good Position

Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.

“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.

Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.

“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.

Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility

It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.

SUI Sharpe ratio
Sui Sharpe Ratio. Source: Messari

However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.

SUI Price Prediction: Run Above $4

On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines. 

It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.

Sui price analysis
Sui Daily Analysis. Source: TradingView

If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Aptos Partners with Circle and Stripe to Revitalize Network

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The Aptos Foundation announced a new partnership with Circle and Stripe, hoping to revolutionize its network functionality. Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will attract TradFi by simplifying fiat interactions.

Aptos has set ambitious goals with this partnership, but APT’s upward momentum has stagnated.

Aptos Partners with Circle and Stripe

According to a new announcement from the Aptos (APT) Foundation, its network is integrating Circle’s USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). Additionally, Aptos is integrating the payment platform Stripe, generally streamlining fiat-related features. These include on- and off-ramps, payment processing, and TradFi ease of adoption.

“Once the integration is complete, users will be able to seamlessly transfer USDC between Aptos and 8 major blockchains. In addition to USDC and CCTP, Stripe will soon launch its payment services on Aptos, creating a reliable fiat on-ramp to streamline merchant pay-ins and payouts using Aptos-compatible wallets,” the firm claimed via press release.

In other words, Aptos aims to use this partnership to make itself “the ultimate hub for interoperable DeFi.” These companies will approach this goal from both ends: enticing new users and investors while substantially improving the core experience. This partnership marks a new development for Stripe’s integration with crypto.

Indeed, Stripe took a six-year hiatus from cryptocurrency payments, which only ended this April. Since then, however, it’s been engaging seriously with the industry. The firm entered an earlier partnership with Circle this June, hoping to promote USDC adoption. Additionally, Stripe acquired Bridge, a crypto payment platform, last month.

For its part, Aptos is undertaking a recovery process. Despite a major price spike in March, it suffered a lingering decline for most of 2024. The asset began regaining steam in October, and the November bull market has brought increased optimism. Still, its gains have stagnated for about a week.

Aptos Price in 2024
Aptos Price in 2024. Source: BeInCrypto

This partnership between Aptos, Circle, and Stripe may help APT regain its forward momentum. These ambitious new features will greatly add functionality and accessibility to Aptos’ network. Still, the firm has set a very ambitious goal for itself: to solidify “its place as a leader in interoperable DeFi and enterprise-grade blockchain technology.” Only time can tell its success level.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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SEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift

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The SEC is quietly meeting with several issuers to discuss approving a Solana ETF, claims Fox Business reporter Eleanor Terrett. With Trump’s impending pro-crypto administration, the SEC seems more inclined to approve such a product.

However, anti-crypto figure Gary Gensler is still nominally in charge of the SEC, and public progress might not begin until 2025.

Solana ETF Approval Is Getting Closer

According to a scoop from Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF. Currently, Brazil is the only country that has given this product a green light. As recently as September, Polymarket odds gave the SEC a dismal 3% chance of approving it. This reluctance, however, might soon be changing:

“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.

Terrett was very clear about the impetus for this progress in negotiations: Donald Trump’s re-election. On the campaign trail, Trump vowed to significantly reform US crypto policy, and one cornerstone was firing anti-crypto SEC Chair Gary Gensler. Gensler has apparently conceded to his impending ouster, and his replacement will undoubtedly support the industry.

Previous attempts have floundered at an early step in the process. Once the SEC officially acknowledges an application, it must confirm or deny it within a 240-day window. Previous filings have lingered in limbo at this stage. However, the list of candidates is now growing: Canary Capital filed for a Solana ETF in October, and BitWise did the same earlier today.

Timeline of Solana ETF Applications, with Previous Frozen Attempts
Timeline of Solana ETF Applications, with Previous Frozen Attempts. Source: Eric Balchunas

Nonetheless, these positive negotiations still only consist of anonymous rumors. The Commission has not publicly moved to begin this process, and Gensler is still nominally in charge. Terrett posits that the SEC will only make serious progress on the Solana ETF at the start of 2025. Compared to previous pessimism, however, this is a complete sea change.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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