The Litecoin blockchain has witnessed a surge in activity this month, with the number of unique addresses interacting with the network more than doubling from 345,000 in May to over 700,000.
According to data from on-chain analytics firm Santiment this key metric, comes as the network’s Relative Strength Index (RSI) enters its best “Opportunity Zone” region since September. Unique addresses interacting with a network suggests growing traffic on the network and stronger user interest.
⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
The official Litecoin account on the microblogging platform X (formerly known as Twitter) also highlighted this recent surge in network activity, sharing a chart depicting the number of active addresses from market intelligence platform IntoTheBlock, and saying Litecoin “is the most active blockchain in the world.”
Interestingly, Litecoin’s active addresses have surpassed even those on Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization.
Litecoin is the most active blockchain in the world!!! Surpassing #Bitcoin $BTC and #Ethereum $ETH in active addresses. More people using Litecoin than any other crypto right now! 🤯 What's in your wallet? #Litecoin ⚡ $LTC pic.twitter.com/3wxmjSRU1m
— Litecoin (@litecoin) June 10, 2024
Litecoin has historically ranked highly in usage metrics due to its network’s ability to facilitate cheap and fast transactions and if often referred to as the silver to Bitcoin’s gold, serving as a network that uses technology that is then implemented on the main bitcoin blockchain.
Litecoin implement Segregated Witness (SegWit) before the Bitcoin blockchain, for example, and saw its latest halving occur back in August 2023. Despite its technology and recent activity surge, LTC’s price has been somewhat stagnant.
Over the last year LTC moved up just 1.2% to now trade at $78.4, while the flagship cryptocurrency Bitcoin saw its price move up over 167% over the same period, now trading near the $70,000 mark.
Featured image via Unsplash.
