The post Litecoin Records Growth In Daily Active Addresses In 2024: Report appeared on BitcoinEthereumNews.com.

Litecoin has seen a rise in daily active addresses in 2024, with an average of 401,000 addresses interacting with the network daily. This represents an increase from the 366,000 daily active addresses recorded in 2023. The growing activity showcases Litecoin’s resilience and continued relevance in the cryptocurrency space. Litecoin Daily Activity Grows 10% in 2024 as Active Addresses Reach 401,000 According to recent IntoTheBlock data, Litecoin recorded a 10% year-over-year increase in daily active addresses in 2024. This reflects sustained user engagement and adoption of the network for transactions and other blockchain activities. The report also highlighted that the coin achieved a new peak in activity earlier this year. On a single day in January 2024, 1.37 million active addresses were recorded, surpassing daily activity levels observed in Bitcoin and Ethereum for 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 the token increasing adoption. This surge reflected its use for peer-to-peer transactions and various other utilities across the network. This spike coincided with increased market volatility, suggesting that traders and investors may have turned to Litecoin as a reliable medium of transfer. More so, the network’s lower transaction fees and faster settlement times compared to competitors contributed to this surge. Miners’ Stabilized Selling and Its Influence on LTC Price The rise in Litecoin network activity was complemented by miners’ decision to stabilize their reserve holdings in late December. This followed a period of significant sell-offs during a market downturn, which saw miners offload 210,000 LTC in just five days. As miners halted their sales, price rebounded from a monthly low of $87 to retake the $100 resistance level. Reduced selling pressure, coupled with a steady increase in active addresses, created a favorable environment…

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Filed under: News - @ December 23, 2024 10:21 pm