Litecoin Blockchain Witnesses Surge in Daily Active and New Addresses
As the upcoming halving event in August approaches, Litecoin remains unaffected by the recent lawsuits targeting Binance and Coinbase. Unlike the altcoins mentioned in the lawsuits, Litecoin is not classified as a security by the SEC.
The network is currently witnessing growth in anticipation of the halving, set to take place in a few days.
According to data from IntoTheBlock, the Litecoin blockchain has seen an increase in both daily active addresses and new addresses. This uptick in activity indicates growing interest and engagement with Litecoin among users.
Litecoin is witnessing a resurgence in active addresses and new addresses. Over the past seven days, daily active addresses have experienced a 28% increase, while new addresses have surged by 54.6%. These notable growth rates signify a renewed interest and adoption of Litecoin within the crypto community.
Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH— IntoTheBlock (@intotheblock) June 19, 2023
Recent data from IntoTheBlock shows a notable increase in Litecoin’s active and new addresses. This surge in address activity comes shortly after Glassnode, a prominent on-chain market intelligence platform, reported that Litecoin’s total addresses have exceeded 200.7 million, surpassing the number of addresses on the Ethereum (ETH) network, which stands at 181 million. This achievement highlights Litecoin’s growing popularity and adoption among cryptocurrency users.
The notable rise in the total number of addresses, daily active addresses, and new addresses within the Litecoin network has drawn the attention of experts. They interpret this increase as a strong indication of growing market interest in Litecoin, which is considered one of the leading altcoins in the cryptocurrency space. The surge in address activity suggests a heightened demand for and engagement with LTC among investors and users.
The recent surge in network activity within LTC over the past 7 days can be attributed to various factors, with the upcoming halving in August being one of the significant catalysts. Despite experiencing a price rally that took it above $100 earlier this year, Litecoin has witnessed a decline since May, with its value dropping to around $65.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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