Recent data analysis from IntoTheBlock reveals that Litecoin has experienced a surge in network activity, reaching a record-breaking 1.4 million active addresses on December 8, 2023.
This spike in active addresses follows closely on the heels of a significant rise in November to 979,550 active addresses, surpassing the previous six-month high. The May record of 719,300 active addresses was left in the dust.
Driving Force: LTC-20 Token Standard
The remarkable growth in the active addresses is attributed to the introduction of the LTC-20 token standard, a derivative of Bitcoin’s BRC-20 standard. This novel approach allows users to create off-chain balance states with inscriptions, showcasing the community’s experimentation with new functionalities. The LTC-20 standard specifically focuses on creating fungible tokens within the Litecoin network.
Apart from the increase in active addresses, Litecoin wallets displaying a balance have surged to new heights, showing a year-to-date growth of over 40%. The number of transactions on the network reached an all-time high of 1.09 million on November 14, surpassing even Bitcoin, which recorded around 523,284 transactions.
Litecoin Overtakes Bitcoin in Transactions
On December 8, Litecoin outpaced Bitcoin in transactions, reaching 846,561 compared to Bitcoin’s 411,321. This unexpected development highlights Litecoin’s robust network and growing user engagement.
Simultaneously, its native token, LTC, has mirrored the broader crypto market trend. Joining Bitcoin and other altcoins in a weekend rally, LTC reached $77 on December 10, only to experience a 7% decline, settling at the current valuation of $72.45, as per CoinMarketCap data.