Litecoin has seen a substantial rise in new network addresses, increasing by about 1.2 million addresses in a single day. This surge aligns with heightened transaction activity and overall engagement on the network in recent weeks.
Additionally, there has been a notable uptick in Ordinals-like transactions, reaching 2 million inscriptions in just four days. This surge underscores a growing interest and increased participation in Litecoin transactions.
Litecoin Address Surge and Comparative Trends
According to on-chain data reported by Glassnode, around 1.2 million Litecoin (LTC) addresses were generated on December 20, although this number has since decreased to approximately 800,000.
Number of new Litecoin LTC addresses. Source: Glassnode
This surge in new addresses coincides with a notable trend identified by crypto analytics platform IntoTheBlock, highlighting that Litecoin’s daily active addresses consistently exceeded those of Ethereum, the second-largest cryptocurrency by market capitalization.
Litecoin made headlines when it claimed to have more active addresses than the combined total of Bitcoin and Ethereum on December 22, reporting a remarkable 1.4 million on-chain transactions within a single day. This showcases a dynamic shift in address activity within the cryptocurrency landscape and positions Litecoin prominently in the realm of blockchain engagement.
Litecoin’s Surge in Ordinals and Transaction Milestones
Litecoin’s blockchain network has witnessed a notable increase in processed transactions, attributed to the surge in Ordinals-like transactions. On December 23, Litecoin’s official social media channel disclosed that the network experienced 2 million ordinal inscriptions in just four days, bringing the total count of these assets on the network to more than 12 million. Ordinals, akin to NFT-like transactions, have gained prominence across various blockchains, including Bitcoin, sparking diverse opinions among stakeholders about their presence.
Litecoin Transactions. Source: Glassnode
Despite the debates, Ordinals play a significant role in Litecoin, contributing to the network’s recent achievement of its 200 millionth transaction on December 22. The blockchain recorded over 10 million transactions within the last two weeks alone, showcasing a rapid acceleration in activity. This increased engagement within Litecoin hints at growing interest and adoption among investors. Notably, while it took a decade for the network to reach 100 million transactions, it accomplished the subsequent 100 million in less than two years.
However, the heightened network activity has yet to translate into improved price performance for Litecoin compared to other large-cap cryptocurrencies like Solana. Over the past 30 days, LTC’s price has increased by approximately 3% to $72.09, while SOL has seen a more significant surge of around 100% during the same period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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