• IntoTheBlock’s measurements indicate that Litecoin and Dogecoin have seen a significant rise in their on-chain activities.
• Despite the sluggish state of the cryptocurrency market, both coins have witnessed an increase in activity.
• Analysts speculate that traders are seeking short-term profits within alternative cryptocurrencies as Bitcoin and Ethereum trade sideways.
Recent Surge in Activity
Data from IntoTheBlock shows that two alternative cryptocurrencies, Litecoin (LTC) and Dogecoin (DOGE), have witnessed significant rises in their on-chain interactions. This uptick contrasts with the lack of growth in major cryptocurrencies like Bitcoin, where active addresses for most top blockchains have remained stable. Some assets, like $LTC and $DOGE, even showed spikes recently, with Litecoin boasting 231,270 daily active addresses and Dogecoin 46,080.
At present, Litecoin holds a price of $64.77 after experiencing a slight 0.2% decrease over the last 24 hours but displaying a 1.5% increase over the past week; its monthly performance reveals a 22.0% decline however. On the other hand, Dogecoin trades at $0.064 having gone up by 1.3% over the week according to CoinGecko data.
Analysts suggest that this surge in activity may be attributed to traders seeking short-term profits within alternative cryptocurrencies as Bitcoin and Ethereum trade sideways – despite prevailing crypto sentiment indicators suggesting diminishing interest in altcoins overall.
Long Term Outlook Uncertain
Amidst ongoing market volatility, it is difficult to ascertain whether these increases will lead to long term gains for LTC and DOGE given their enduring popularity among retail investors .
It appears that although there has been an unexpected surge in activity for Litecoin and Dogecoin recently , it remains uncertain what impact this will have on their long term outlook . For now , traders should keep monitoring changes carefully before making any decisions on investing .