Litecoin Not To Be Overlooked, Analytics Firm Says: Here’s Why

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As a seasoned crypto investor with over a decade of experience in this wild and ever-evolving market, I find myself intrigued by the recent analysis by IntoTheBlock on Litecoin (LTC). The network’s activity metrics are quite impressive, especially when compared to other established players like Dogecoin (DOGE) and Cardano (ADA). With around 370,000 daily active addresses and over 200,000 daily transactions, Litecoin is clearly a network that continues to attract users.

According to the market analysis platform, IntoTheBlock, Litecoin (LTC) should not be disregarded due to its strong on-chain indicators.

Litecoin Has Continued To Witness Significant Activity Recently

Recently, IntoTheBlock has shared insights about the main on-chain indicators of the Litecoin network in a recent post on X. Here’s the infographic they provided:

Based on the available information, approximately 370,000 unique addresses are involved in transactional activities on the Litecoin blockchain each day. An address is considered ‘active’ if it takes part in any sort of transaction, either as a recipient or a sender, within the network.

In simpler terms, the metric’s value represents the number of people utilizing the cryptocurrency. Additionally, the number of daily transactions gives insight into the level of activity these users are engaging in.

Currently, there are approximately 200,000 daily transactions being processed by users of the LTC network. Notably, this level of user activity surpasses that seen on other networks such as Dogecoin (DOGE) and Cardano (ADA).

The research company observes that many actions are due to Litecoin being one of the few cryptocurrencies frequently used for transactions. Given its low-cost and quick transaction capabilities, it has consistently been a network favored for payments. The sustained increase in activity-related statistics (in fact, they’ve grown even more over the past month) suggests that this advantage of the chain is still drawing users.

In the provided infographic, transaction volume – a measure related to activity – records the daily USD value transferred within the network. Remarkably, this metric currently totals $10.27 billion, surpassing the coin’s total market capitalization.

Despite Litecoin’s active performance indicators, its price hasn’t seen significant growth. This has resulted in about 72% of the network’s wallets holding potential profits that haven’t been realized yet.

Absolutely, most networks, including Litecoin, are predominantly held above water. However, digital currencies like Bitcoin (BTC) are currently nearing 100% due to the current bull market surge. On the other hand, it might be argued that Litecoin has more potential for growth, as the likelihood of a widespread selloff increases with the influx of profit-taking investors.

Approximately 78% of Litecoin owners, amounting to around 6.25 million users, have held onto their coins for over a year, indicating a common belief among many Litecoin users that is similar to this.

According to IntoTheBlock, due to its continued widespread use among the older Layer 1 networks, it’s worth noting that Litecoin should not be dismissed lightly. It still remains uncertain, though, if Litecoin will ultimately manage to transform its favorable on-chain data into an increase in price.

LTC Price

Over the past day, Litecoin has experienced a decline of approximately 8%, lowering its current value to about $113.

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2024-12-11 02:10