Litecoin’s Active Addresses Surge, Indicating Growing Network Adoption

Litecoin has experienced a notable uptick in user engagement in 2024, with daily active addresses reaching an average of 401,000, marking a 10% increase from the previous year's 366,000.

This growth demonstrates Litecoin’s sustained relevance in the cryptocurrency space.

Early in 2024, the network saw a record surge in activity, with 1.37 million active addresses in a single day, surpassing the activity levels of Bitcoin and Ethereum during the same period. This spike was attributed to increased adoption of Litecoin for transactions, alongside its reputation for lower transaction fees and faster settlement times compared to other blockchains.

The uptick in activity also coincided with a rebound in Litecoin’s price. After miners paused significant sell-offs in late December—having previously offloaded 210,000 LTC—Litecoin’s price rose from a low of $87 to surpass the $100 resistance level.

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Grayscale Investments has also been steadily increasing its holdings, purchasing over 41,000 LTC in the past month alone, making the firm one of the largest institutional holders of the token. At present, Litecoin’s market cap stands at $7.7 billion, and analysts predict the price could see a breakout, with potential gains reaching as high as $150 or even $200 in an extended rally.

Alexander Stefanov