According to the data, Litecoin has seen a rapid increase in active addresses, making it the most used asset in the space compared to Bitcoin and Ethereum.
Litecoin active addresses more than double this month
According to data from on-chain analytics firm Santiment, LTC has seen a significant increase in daily active addresses recently. Daily Active Addresses refers to a metric that tracks the total number of addresses participating in some transactional activity on the network on a daily basis.
Naturally, this metric considers both senders and recipients and only counts the unique number of such addresses. This indicator may be used as a proxy for the amount of traffic the Litecoin blockchain receives.
A high value for this metric means that many addresses are currently moving around on the network. This trend means that there is a high level of interest in the asset.
On the other hand, a low index suggests that investors may not be paying much attention to the cryptocurrency as the network is not seeing significant activity.
Here is a graph showing the trend of Litecoin’s daily active addresses over the past few months.
The value of this indicator seems to be very high in recent days. Source: Santimento of X
As the graph above shows, Litecoin daily active addresses have been observing abnormally high values since the 4th of this month. The average value of assets in this indicator during May was 345,000, while the average over the past week remained at 704,000.
This means that the number of active users on the blockchain has more than doubled compared to last month. The official handle of Litecoin X also posted about this recent burst of network activity, sharing a graph of the number of active addresses from market intelligence platform IntoTheBlock.
Active and new address data for the past few months | Source: Litecoin from X
This graph also includes data on another metric: the number of new addresses opened on the network each day. The graph shows that at the same time as this boom in activity occurs, the adoption of cryptocurrencies is also accelerating.
On the active address metric, LTC outperformed Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization. “More people are using Litecoin than any other cryptocurrency right now!” Look at the LTC X handle.
Litecoin has historically led the space in usage-related metrics as the network offers cheap and fast transactions. Although LTC’s price has stagnated, its usage metrics are surging, suggesting that this network feature can still attract users.
LTC price
So far, Litecoin price is still trading around $77, failing to recover from the April crash.
The price of the coin seems to have remained flat for the past few months | Source: LTCUSD on TradingView
Featured images from Dall-E, IntoTheBlock.com, Santiment.net, charts from TradingView.com
