Litecoin has seen a rise in daily active addresses in 2024, with an average of 401,000 addresses interacting with the network daily. This represents an increase from the 366,000 daily active addresses recorded in 2023. The growing activity showcases Litecoin’s resilience and continued relevance in the cryptocurrency space.
Litecoin Daily Activity Grows 10% in 2024 as Active Addresses Reach 401,000
According to recent IntoTheBlock data, Litecoin recorded a 10% year-over-year increase in daily active addresses in 2024. This reflects sustained user engagement and adoption of the network for transactions and other blockchain activities.
The report also highlighted that Litecoin achieved a new peak in activity earlier this year. On a single day in January 2024, 1.37 million active addresses were recorded, surpassing daily activity levels observed in Bitcoin and Ethereum for the same period.
The surge in network activity in early January marked an important milestone. The record 1.37 million active addresses on that day highlighted Litecoin’s increasing adoption. This surge reflected its use for peer-to-peer transactions and various other utilities across the network.
This spike coincided with increased market volatility, suggesting that traders and investors may have turned to Litecoin as a reliable medium of transfer. More so, the network’s lower transaction fees and faster settlement times compared to competitors contributed to this surge.
Miners’ Stabilized Selling and Its Influence on LTC Price
The rise in Litecoin network activity was complemented by miners’ decision to stabilize their reserve holdings in late December. This followed a period of significant sell-offs during a market downturn, which saw miners offload 210,000 LTC in just five days.
As miners halted their sales, LTC Price rebounded from a monthly low of $87 to retake the $100 resistance level. Reduced selling pressure, coupled with a steady increase in active addresses, created a favorable environment for a potential bullish trend.
Additionally, Grayscale Investments has been actively accumulating Litecoin during the recent market downturn. Most recently, the company purchased 2,230 LTC on Thursday, bringing its total 30-day accumulation to over 41,100 coins. This positions Grayscale as one of the largest institutional holders of Litecoin, with assets valued at over $220 million.
At press time, Litecoin is trading at $102.27, reflecting a 41.29% gain over the past year. Its market cap stands at $7.7 billion, with a 24-hour trading volume of $746.82 million.
According to recent LTC price predictions, Litecoin is showing strong bullish momentum, signaling a potential breakout soon. Analysts point to key technical indicators that suggest further upward movement. If the bullish trend persists, Litecoin price could reach a target range of $140 to $150, with the possibility of surging to $200 in an extended rally.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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