Litecoin experienced an 8% price surge over a 24-hour period, reaching intraday highs near $69. This movement marks an eight-month peak for the asset, following a significant increase in network activity.
The Litecoin Foundation reported that over 17 million LTC, valued at approximately $1 billion, were transferred across the network in a single day. Spot trading volume reached nearly $948 million, tripling from levels seen around September 18.
Futures open interest exceeded $500 million, indicating increased use of leverage by market participants. Daily active addresses on the network have recently ranged between 200 000 and 300 000.
The price surpassed a resistance zone of $64 to $65, with an intraday range of $59 to $69. Analysts identify $71 as the next target, while a close below $64 could signal a trend reversal.
Development efforts include LitVM, a Layer-2 solution designed to introduce smart contract functionality to the network. Additionally, Litecoin is being discussed in the context of potential future crypto ETF products.
