Litecoin Records Growth In Daily Active Addresses In 2024: Report

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As a seasoned analyst who has witnessed the ebb and flow of the crypto market since its inception, I find the recent surge in Litecoin‘s daily active addresses particularly intriguing. The 10% year-over-year increase to an average of 401,000 daily active addresses is a testament to Litecoin’s resilience and continued relevance in the cryptocurrency space.

2024 has seen a significant boost in the number of daily active users on the Litecoin network, averaging approximately 401,000 interactions per day. This is an increase compared to the 366,000 daily users recorded in 2023, demonstrating Litecoin’s robustness and ongoing importance within the cryptocurrency industry.

Litecoin Daily Activity Grows 10% in 2024 as Active Addresses Reach 401,000

Based on the latest findings from IntoTheBlock, it’s been shown that Litecoin experienced a 10% rise in daily active users compared to the previous year in 2024. This growth suggests continuous involvement and acceptance among users for utilizing the network in transactions and various blockchain operations.

The report additionally pointed out that Litecoin reached a record high in usage earlier this year. Specifically, on one day in January 2024, there were approximately 1.37 million active addresses, exceeding the daily activity levels of both Bitcoin and Ethereum during the same period.

The surge in network activity in early January marked an important milestone. The record 1.37 million active addresses on that day highlighted Litecoin’s increasing adoption. This surge reflected its use for peer-to-peer transactions and various other utilities across the network.

This peak occurred during heightened market turbulence, implying that traders and investors might be favoring Litecoin as a dependable means of exchange. Moreover, its lower transaction costs and quicker processing times versus rivals likely fueled this growth spurt.

Miners’ Stabilized Selling and Its Influence on LTC Price

In late December, as Litecoin network activity increased, miners opted to keep more Litecoins in their reserves. This choice came after a spell of heavy selling during a market slump, where miners disposed of approximately 210,000 LTC within five consecutive days.

When miners stopped offloading their Litecoin (LTC), its price bounced back from a monthly low of $87 to surpass the $100 resistance mark once more. A decrease in selling pressure combined with an uptick in active addresses fostered conditions that could support a possible bullish momentum.

Moreover, it’s been noted that Grayscale Investments has been steadily amassing Litecoin during the current market slump. On Thursday alone, they acquired 2,230 LTC, which raises their total accumulation within the last month to over 41,100 coins. This makes Grayscale one of the top institutional holders of Litecoin, with assets worth more than $220 million.

As an analyst, I’m reporting that as of this moment, Litecoin is being traded at $102.27. Over the past year, it has seen a significant increase of 41.29%. Its current market capitalization is a substantial $7.7 billion, with a 24-hour trading volume amounting to approximately $746.82 million.

Based on current Litecoin price forecasts, there’s a strong indication that Litecoin is building up significant bullish momentum, which might lead to a breakout happening soon. Experts are focusing on certain technical factors that hint at continued growth. If the bullish phase continues, it’s predicted that the Litecoin price could climb within a range of $140 to $150, and potentially even surge up to $200 in an extended upswing.

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2024-12-23 21:00