The cryptocurrency industry is currently going through a correction phase after significant momentum. Litecoin’s price remained unchanged after experiencing a significant transaction.
Litecoin’s 1 million historic transaction
According to data from IntoTheBlock and an on-chain analytic firm, on November 14, 2023, Litecoin achieved a significant milestone by surpassing 1 million daily transactions, setting a new record. This achievement is significant not only because it’s an all-time high for Litecoin but also because it recorded almost double the number of transactions compared to Bitcoin on the same day.
The breakdown of the 1.02 million transactions, about 82% of them were valued between $0 and $1. However, only 6% of all the transactions were worth more than $100, as most were conducted by small investors. This breakdown is used to check out when looking into what kind of investors were executing these transactions. It turns out that while the network did note 1.16 million active addresses on November 14, about 88% of them were new addresses making their first transaction on the chain.
Also Read: Litecoin’s 690,000 new addresses indicate a potential price drop after halving
Most of these transactions were Fear Of Missing Out (FOMO) actions by investors. While, as with crypto, the real reason behind this remains uncertain, the most likely cause was Litecoin Ordinals.
According to a tweet from Litecoin a day before, the network recorded over 300,000 inscriptions in the past week. While in comparison to Bitcoin, the figure is merely 30% of the total inscriptions, it still remains significant to Litecoin.
Litecoin’s price behavior amid record transactions
Despite the record-setting transaction volume, Litecoin’s price showed only slight movement. On November 14, LTC didn’t experience any significant change, and currently, it is trading at $70.70 with a 3.2% fall in the last 24 hours.
Technical indicators, such as the 200 Exponential Moving Average (EMA) showing a strong resistance, Moving Average Convergence Divergence (MACD), signal a bearish crossover, suggesting the possibility of further decline. However, in the event of neutral to bullish market conditions, a surge could move LTC to surpass the $77 resistance, potentially reaching $80.