New addresses on the Litecoin ($LTC) blockchain have hit a seven-day increase – soaring by 54.6% – and demonstrating the rising popularity of Litecoin.
As per the data provided by IntoTheBlock, the daily active addresses have also been on an upward trajectory, seeing a 28% seven-day increase.
Litecoin is fast becoming the coin to watch as it approaches its halving event which is scheduled for August. It was just in May this year when it surpassed Bitcoin for the first time in terms of new addresses per day.
While Bitcoin clearly takes the lead in both new and active addresses, one cannot ignore Litecoin’s increasing usage and network activity. While Bitcoin boasts an activity of 860k per day, Litecoin has been steadily increasing its active addresses, reaching 431k per day in the last month.
$LTC proponent Shan Belew noted in a Twitter thread: “Many people are overlooking how Litecoin is the perfect complement to Bitcoin, providing horizontal scaling, layer-1 privacy with MWEB, and superior, faster, and lower fee payments than Bitcoin, even has lower fees than Bitcoin lightning does! What if Litecoin is better?”
On 17 June, Litecoin recorded a huge milestone of 200 million in total number of addresses. According to the data by on-chain market intelligence platform Glassnode, it surpassed Ethereum on that day as its total addresses was only 181 million.
Litecoin’s latest feat comes ahead of the halving event which happens every four years. The upcoming one will reduce the $LTC block reward from the current 12.5 LTC to 6.25 LTC. Historically, halving events are known to be followed by significant price gains in a respective cryptocurrency. While a number of factors contribute to a crypto’s network activity growth, the halving event which is scheduled to take place on 3 August could be a major driving force.
At the time of press, the cryptocurrency was changing hands for $77.06 as per CoinGecko. It has been trading in the red over the last seven days, down by 2.0%.
However, it boasted a market capitalisation of over $5.6bn, just below Solana and Tron with $ 6.3bn and $6.1bn in market cap, respectively.
