By CCN: As the bitcoin price barrels toward $9,000, the cryptocurrency community is riding high. Litecoin Creator Charlie Lee is among them, retweeting a meme from 2017 when the bitcoin price was nearing the $9K level for the first time ever. Now that bitcoin’s seemingly on its way back and beyond, other cryptocurrencies are also enjoying a bull run – including Lee’s Litecoin.
LTC has added nearly 13% in the last 24 hours alone, bolstering the per-coin price to $115 on trading volume of roughly $7 billion. Litecoin Foundation Director Franklyn Richards recently evaluated some of the network fundamentals, suggesting that while the metrics have strengthened alongside the bull market, a pullback could be up ahead. He even used the dread “b” word – bubble. Let’s take a look at the findings.
The Litecoin network has experienced a resurgence in user interest this month after “on-chain metrics began flatlining” earlier in the year, according to Richards citing BitInfoCharts data. He characterized the “network interest” in the platform as a “delayed response” to the performance in the LTC price. After all, in the first four months of the year alone, the Litecoin price more than doubled.
But now things are beginning to click on all cylinders, possibly even too well for Litecoin. Based on BitInfoCharts data, “Litecoin sent in USD” surpassed $1.6 billion in mid-May. It is currently hovering in a more comfortable range of roughly $500 million.
| Source: BitInfoCharts
As Richards points out: