Litecoin Has More Than Doubled Its Active Addresses This Month

Data shows that Litecoin has seen a rapid surge in active addresses, making the asset the most used in the sector, compared to Bitcoin and Ethereum.

Data shows that Litecoin (CRYPTO: LTC) has seen a rapid surge in active addresses, making the asset the most used in the sector, compared to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

What Happened: According to data from on-chain analytics firm Santiment, the Daily Active Addresses have recently seen a big jump for LTC.

The Daily Active Addresses indicates the total number of addresses that participated in any transaction activity on the network on a daily basis.

Both sender and receiver addresses are included in this metric, and only the number of unique addresses is counted. The metric can serve as a proxy for the amount of traffic the Litecoin blockchain receives.

When the metric’s value is high, it signifies that a large number of addresses are making movements on the network at that time. Such a trend implies there is a high interest in the asset.

On the other hand, a low indicator suggests that investors may not be paying much attention to the cryptocurrency as the network isn’t witnessing much activity.

Here is a chart that shows the trend in the Daily Active Addresses for Litecoin over the past few months:

The chart shows that the Litecoin Daily Active Addresses have observed extraordinarily high values since the 4th of this month.

During May, the asset had averaged a value of 345,000 on this metric, but over the past week, the average has been sitting at 704,000.

This means that the active user count on the blockchain has more than doubled compared to the past month.

The official Litecoin (X) handle also tweeted about this recent explosion in network activity, sharing a chart for the number of active addresses from market intelligence platform IntoTheBlock.

The chart also includes data for another metric — the daily number of new addresses being opened on the network.

From its graph, it’s apparent that at the same time as this activity boom has happened, the adoption of the cryptocurrency has also picked up.

In the active addresses indicator, LTC has surpassed the top two cryptocurrencies by market cap, Bitcoin and Ethereum.

“More people using Litecoin than any other crypto right now!” noted the LTC (X) handle.

Litecoin has historically been around the top of the sector in usage-related metrics because the network offers cheap and fast transactions.

While LTC’s price has been stagnant, its usage metrics shooting up suggests that this network capability can still attract users.

LTC Price: Litecoin’s price has not been able to recover from the April crash, and the asset is still trading around the $77 mark at the time of writing.