Emily Walker
Recent on-chain data indicates a notable rise in the Daily Active Addresses for Litecoin this year compared to the previous one.
Surge in Litecoin’s Average Active Addresses This Year
According to a new update from IntoTheBlock on X, there has been a year-on-year increase in Litecoin’s Daily Active Addresses. This metric represents the total number of addresses engaged in transactions on the network each day.
An increase in this metric indicates more unique addresses are involved in blockchain transfers, suggesting a rise in user activity. Conversely, a decrease could imply dwindling investor interest as fewer users participate in on-chain transactions.
Below is a chart that illustrates the trend of Litecoin’s Daily Active Addresses over the last year:
The chart shows that while Litecoin’s Daily Active Addresses had a strong start in 2024, the activity level has since stabilized with occasional spikes. This year, there have been approximately 401,000 active addresses daily, which is significantly lower than the January peak of 1.37 million when LTC outperformed both Bitcoin (BTC) and Ethereum (ETH). Nevertheless, it reflects almost a 10% increase from last year’s average of 366,000.
Litecoin generally performs well regarding activity metrics, largely because of its low transaction fees and fast processing. The current increase in activity suggests that users continue to be drawn to the chain for payment purposes.
In addition, miner investment in the Litecoin network has been increasing, as indicated by the rising total LTC hashrate, which showcases the computational power of miners. The following chart from CoinWarz illustrates this upward trend.
Increased Daily Active Addresses are generally positive for any cryptocurrency, indicating rising network interest, which could support price movements. While LTC’s recent price performance has not been particularly strong, the robust user traffic and miner enthusiasm may provide a turnaround opportunity.
LTC Price Update
After dropping to $86 late last week, Litecoin has rebounded, with its current trading price around $110.