The number of daily transactions on the Litecoin network reached an all-time high of 1.09 million on November 14, surpassing even Bitcoin’s transaction count of around 523,284 at the same time.
In a remarkable turn of events, the Litecoin (LTC) network has experienced an impressive surge in active addresses, achieving a new all-time high merely four months after the recent halving in August.
As of December 8, 2023, blockchain data analytics company IntoTheBlock said the protocol had achieved a new milestone, with the number of active addresses on the Litecoin network surpassing an unprecedented 1.4 million.
Litecoin’s Active Addresses Soar to New High
The recent surge in active addresses follows closely on the heels of a significant milestone recorded in November. During that month, the Litecoin network witnessed a peak of 979,550 active addresses, marking a six-month high and surpassing the previous record set in May, which stood at 719,300.
The network now boasts a new record of 1.4 million active addresses, showcasing the rapid growth of Litecoin’s user base.
The number of active Litecoin addresses is spiking strongly, hitting a new all-time high of over 1.4 million addresses on December 8th! https://t.co/POjEVdh92n pic.twitter.com/HgiJ9cCDdq
— IntoTheBlock (@intotheblock) December 11, 2023
The increase in active addresses could be attributed to the adoption of the LTC-20 token standard developed on the Litecoin Ordinals Protocols. This standard, designed to facilitate the creation of fungible tokens on the Litecoin network, allows users to create off-chain balance states with inscriptions. It generally serves as an experimental demonstration within the crypto community.
In addition to the surge in active addresses, Litecoin has experienced a notable increase in wallets holding its native token, LTC, with over 40% growth year-to-date.
The number of daily transactions on the Litecoin network reached an all-time high of 1.09 million on November 14, surpassing even Bitcoin’s transaction count of around 523,284 at the same time.
Litecoin’s Price Movement
Litecoin’s token joined the recent price rally in the industry that saw most of the altcoins regain momentum as Bitcoin (BTC) reached a new high of $ 44,000 since the 2022 crypto winter.
LTC participated in a weekend rally, reaching $77 on December 10, before experiencing a 7% correction to its current valuation of $72.45, according to CoinMarketCap data.
This upward movement is particularly notable as it marks the first significant rise since Litecoin underwent its third halving event in early August. The halving, occurring approximately every four years, halved Litecoin miners’ block rewards from 12.5 LTC to 6.25 LTC.
Interestingly, Litecoin’s historical response to halving events has differed from the typical upward trend observed in assets like BTC. In contrast to BTC’s three consecutive price increases following halving events, Litecoin experienced a downward trajectory shortly after its most recent halving.
