The number of active addresses on the Litecoin network has increased

Activity on the Litecoin network has grown by 10% over the year, analysts from IntoTheBlock reported. The average number of addresses showing daily activity has risen to 401,000, compared to 366,000 in 2023.

The peak activity on the network occurred in early January, reaching an impressive 1.37 million addresses in a single day, surpassing the Bitcoin and Ethereum blockchains in terms of daily activity. This figure also indicates that Litecoin is increasingly being used for peer-to-peer transactions and is maintaining its relevance, analysts clarify.

User trust in Litecoin is evidenced by data showing that 78% of all LTC ever mined has not changed hands for over a year. This means that a large portion of the coins remains off the market. Such a trend typically coincides with accumulation phases during a bearish trend in the cryptocurrency market, when investors are eager to sell their crypto assets. Approximately 85.8% of all litecoins are held for more than a month, and the average holding time for one LTC is 2.4 years. This proves that investors view the coin as a long-term investment.