New Litecoin Addresses Surge
Litecoin has recently experienced a significant increase in the number of newly created addresses, indicating a rise in transaction volume and network engagement. According to on-chain data from Glassnode, approximately 1.2 million LTC addresses were generated on December 20, marking the highest increase in two years. However, the number has since dropped to around 800,000. This surge aligns with a trend observed by crypto analytics platform IntoTheBlock, which shows that Litecoin’s daily active addresses consistently surpass those of Ethereum.
Ordinals Fuel Transactions
Litecoin’s blockchain network has seen a notable increase in processed transactions, thanks to the rise of Ordinals-like transactions. The network witnessed 2 million ordinal inscriptions in four days, bringing the total count of assets on the network to over 12 million. Ordinals are NFT-like transactions that have gained popularity across various blockchains. In Litecoin, they play a significant role as the network recently recorded its 200 millionth transaction on December 22. Within the last two weeks alone, the blockchain saw over 10 million transactions, highlighting its rapid acceleration.
Increased Activity and Growing Interest
The increased activity within Litecoin indicates growing interest and adoption among investors. While it took a decade for the network to reach 100 million transactions, it achieved the subsequent 100 million in less than two years. However, despite the improved network activity, Litecoin’s price performance has not seen significant improvement compared to other large-cap cryptocurrencies like Solana. Over the past 30 days, LTC’s price increased by approximately 3% to $72.09, while SOL is up by around 100% during the same period.
Hot Take: Growing Network Engagement and Adoption for Litecoin
Litecoin’s recent surge in new addresses and transaction volume indicates a growing network engagement and adoption. The significant increase in newly created addresses aligns with the trend of Litecoin’s daily active addresses surpassing those of Ethereum. Additionally, the rise of Ordinals-like transactions has fueled the blockchain’s transaction count, reaching over 12 million assets on the network. Despite these positive developments, Litecoin’s price performance has not matched that of other large-cap cryptocurrencies. However, the increased activity within Litecoin suggests that it is gaining interest among investors and may experience further growth in the future.
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