- Transactions on Litecoin increased across all levels, leaving Ethereum trailing
- ETH and LTC prices fell in the last 24 hours, but they might surpass major milestones soon
It is unusual to find Litecoin [LTC] surpassing Ethereum [ETH] at any level. However, on 6 June, the number of active addresses on Litecoin’s network jumped by a mind-blowing 75%.
According to data from IntoTheBlock, the difference was over 100,000 in favor of Litecoin. In total, the figure was 602,720 and represented the highest level of activity on the network since January.
Source: IntoTheBlock
After Cardano, Litecoin takes Ethereum out
For context, active addresses measure the number of unique wallets engaged in successful transactions on a blockchain. A few days ago, the coin had registered higher values than Cardano [ADA] on the same front.
However, it is important to mention that most of the transactions emanated from wallets with a small balance.
That being said, those holding LTC worth $10,000 to $10 million were not left out. According to IntoTheBlock’s latest post on X,
“While most of the increase is due to transactions smaller than $10, there is a noticeable rise in transactions of all sizes.”
Here, it’s worth noting that the rise in network activity did not trigger a hike in LTC’s price. At press time, Litecoin was valued at at $83.52, following a fall of 1.8% in the last 24 hours. Ethereum, on the other hand, was trading at $3,791, with the altcoin depreciating slightly too.
In this instance, the price could be termed overvalued.
Source: Glassnode
Are LTC and ETH at a discount?
To confirm this thesis, AMBCrypto examined the Market Value to Realized Value (MVRV) ratio. This metric track the profitability of holders in relation to coin valuation.
For Ethereum, the 30-day MVRV ratio was 4.69%. While this suggested that ETH and LTC may be in similar spots, it also addressed the notion that Litecoin holders might be in a better position than their Ethereum counterparts.
Source: Santiment
Realistic or not, here’s LTC’s market cap in ETH terms
Moving on, it is possible to see ETH’s value surpass the 4,000-market in the mid-term. Over the same period, LTC might also breach its $100 psychological resistance.
