Litecoin (LTC) has experienced a welcome surge in price and activity, fueled by a significant rise in ordinary inscriptions on its blockchain.
The Litecoin official account on the social media platform Twitter announced a milestone achievement: a record-breaking 25 million Ordinals inscribed on the network. This impressive number signifies a nearly 1 million increase in orders within just a two-week period.
Ordinals represent unique data units permanently embedded within Litecoin transactions. This development highlights the network’s ability to handle a growing volume of data without compromising speed or security. The milestone also underscores Litecoin’s potential to influence market dynamics due to its programmed scarcity—a limited supply of coins adds value as demand rises.
This surge in activity coincides with a broader period of growth for Litecoin. Earlier in June, the network witnessed a significant uptick in user engagement, with a 75% increase in active addresses and over 426,000 transactions processed. This positive trend propelled Litecoin to surpass Ethereum in terms of active addresses, reaching its highest level since January.
The network’s revitalization coincided with a price recovery, with LTC climbing from $70.5 to a peak of $83.68, reflecting an 18.68% increase. However, the price has since settled around $72.34, registering a more modest but still positive 5.2% gain over the past 24 hours.
Analysts remain optimistic about Litecoin’s long-term prospects. The recent bullish divergence suggests a potential break from the previous downtrend, with some speculating a future push towards the $100 mark. While the coin has yet to successfully breach the $80 resistance level in recent weeks, the Ordinals boom and increased user engagement paint a promising picture for Litecoin’s future.