Recently, the Litecoin network has experienced a significant surge in activity, with the number of active addresses reaching record levels. According to data from IntoTheBlock, as of December 8, 2023, the number of active addresses on the Litecoin network exceeded 1.4 million.
The spike in active addresses on the Litecoin network occurred within just one month after reaching its highest level in the last six months. In mid-November, the number of active addresses reached 979,550, surpassing the previous record set in May, which was 719,300 addresses.
The increase in the number of active addresses on the Litecoin network can be attributed to the adoption of the LTC-20 token standard, which is based on the Ordinals protocol. This standard, representing an evolution of the BRC-20 standard, has generated interest in the Litecoin network.
In addition to the growth in active addresses, there has been an increase in the number of Litecoin wallets with a positive balance, which has grown by over 40% in a year. It's important to note that on November 14, the number of transactions on the network reached a record 1.09 million, surpassing the Bitcoin network's figure, which stood at 523,284 transactions.
As of December 8, the number of transactions on the Litecoin network once again exceeded the number of transactions on the Bitcoin network, reaching 846,561, while Bitcoin had 411,321 transactions during the same period.
Despite this increased activity, Litecoin's native token is experiencing a price decrease in line with the overall cryptocurrency market. Currently, the cryptocurrency is trading at $72.9 with a daily decline of 0.7%.
