Data shows that Litecoin has seen a rapid increase in active addresses, making it the most widely used asset in the industry, compared to Bitcoin and Ethereum.
Litecoin more than doubled its active addresses this month
According to data from the on-chain analytics company Feeling, daily active addresses have recently seen a big jump for LTC. THE Daily active addresses here refers to an indicator that tracks the total number of addresses participating in certain transaction activities on the network on a daily basis.
Naturally, this metric takes into account both senders and recipients and only counts the unique number of these addresses. This indicator can be used as an indicator of the amount of traffic received by the Litecoin blockchain.
When the value of this metric is high, it means that many addresses are currently evolving on the network. Such a trend implies great interest in the asset.
On the other hand, the weak indicator suggests that investors may not pay much attention to the cryptocurrency as the network is not seeing much activity.
Now here is a chart that shows the trend of daily active addresses for Litecoin over the past few months:
The value of the indicator appears to have been quite high in recent days | Source: Santiment on X
As seen in the chart above, Litecoin daily active addresses have observed extraordinarily high values since the 4th of this month. In May, the asset had an average value of 345,000 by this measure, but over the past week the average has stood at 704,000.
This means that the number of active users on the blockchain has more than doubled compared to last month. The official Litecoin X handle also has job about this recent burst of network activity, sharing a graph of the number of active addresses from market intelligence platform IntoTheBlock.
The data for the active addresses as well as the new addresses over the last few months | Source: Litecoin on X
This chart also includes data from another metric: the daily number of new addresses opened on the network. From his graph, it appears that at the very time when this boom in activity was occurring, the adoption of cryptocurrency has also increased.
In the active addresses indicator, LTC has overtaken the two leading cryptocurrencies in terms of market capitalization, Bitcoin and Ethereum. “More people are using Litecoin than any other crypto right now!” note the LTC X handle.
Litecoin has consistently been at the top of the industry in terms of usage metrics because the network offers fast and cheap transactions. Although the price of LTC has been stagnantits exploding usage metrics suggest this network capacity can still attract users.
LTC Price
So far, Litecoin has failed to recover from the April crash as its price is still trading around $77.
Looks like the price of the coin has been moving sideways over the last couple of months | Source: LTCUSD on TradingView
Featured image from Dall-E, IntoTheBlock.com, Santiment.net, chart from TradingView.com
