Litecoin Overtakes Ethereum In This Metric – What’s Happening?

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The price of Litecoin (LTC) has had a disappointing performance in the second quarter of 2024, despite making a positive start to the year. The cryptocurrency has been facing significant bearish pressure in the past day, with its price falling by nearly 5% in a single move.

Despite LTC’s apparent struggles in terms of price action, its network has witnessed remarkable growth in recent weeks. 

LTC Addresses Spike By 75% In A Single Day

According to data from the on-chain analytics firm IntoTheBlock, activity on the Litecoin blockchain has been on the rise lately. On Thursday, June 8th, the number of active addresses on the network surged by over 75% to claim above 600,000.

IntoTheBlock revealed – via a post on the X platform – that this latest spike in addresses pushed the Litecoin network to a new high since January. This suggests increased interest in the LTC blockchain despite its coin’s price struggles.

LTC’s daily active addresses experience massive spike | Source: IntoTheBlock/X

When the number of addresses with a balance increases, it implies the entry of fresh investors or the return of old owners to a blockchain (Litecoin, in this case). It is often a strong indication of net adoption or rising faith in a particular network.

Interestingly, the crypto intelligence firm highlighted that this recent growth spurt has propelled Litecoin ahead of the smart contract platform Ethereum in terms of active addresses. The network is well ahead of Ethereum by at least 100,000 addresses, according to IntoTheBlock.

The number of active addresses is not the only area in which Litecoin has seen growth in the past day. The volume of transactions also experienced a significant increase. According to IntoTheBlock’s data, the number of LTC transactions surpassed 426,000 on Thursday.

The on-chain analytics platform noted:

While most of the increase is due to transactions smaller than $10, there is a noticeable rise in transactions of all sizes.

Impact On Litecoin Price

Strong fundamentals and network growth have been known to drive the price of crypto assets in many scenarios. In simple terms, an increase in network activity and users often translates to an increase in the network’s valuation.

However, the impact of network fundamentals on asset prices is never straightforward. In Litecoin’s case, there has been no significant positive development in its price since the latest on-chain revelation. 

As of this writing, the price of LTC stands around $80.28, reflecting a 4.5% decline in the past day.

LTC price hovers around the $80 mark on the daily timeframe | Source: LTCUSDT chart on TradingView

Featured image from Getty, chart from TradingView

Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

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