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Litecoin Active Addresses Reach All-Time High

12/12/2023 15:43

According to CryptoPotato, Litecoin has experienced a surge in network activity, with its active addresses reaching an all-time high. On December 8, 2023, the number of active addresses on the Litecoin network surpassed 1.4 million, as reported by blockchain data analysis platform IntoTheBlock. This spike in active addresses comes less than a month after they hit a six-month high of 979,550 in mid-November. The significant growth in active Litecoin addresses can be attributed to the LTC-20 token standard, built on top of the Litecoin Ordinals Protocols. This standard was launched to create fungible tokens on the Litecoin network. In addition to the increase in active addresses, Litecoin wallets with a balance have also soared to new highs, recording a year-to-date increase of over 40%. Furthermore, the number of transactions on the network reached an all-time high of 1.09 million on November 14, surpassing even Bitcoin's transaction count. As network activity rises, Litecoin's native token, LTC, has also experienced an upward trend alongside the broader crypto market. The crypto asset joined Bitcoin and other altcoins in a rally over the weekend, reaching $77 on December 10 before falling 7% to its current valuation of $72.45, according to CoinMarketCap data. This latest surge is LTC's first significant increase since its third halving event in early August, which reduced miners' block rewards from 12.5 LTC to 6.25 LTC.

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