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Litecoin Sees Over 1 Million New Addresses Amid Increased Network Activity

2 mins
Updated by Kyle Baird
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In Brief

  • Litecoin recently witnessed a surge in new network addresses, with a substantial increase of approximately 1.2 million addresses created in a single day.
  • This surge in addresses aligns with the heightened transaction volume and overall network engagement seen during the past weeks.
  • The network also saw a notable rise in Ordinals-like transactions, reaching 2 million inscriptions in four days.
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Litecoin has observed a significant surge in newly created addresses, aligning with heightened transaction volume and network engagement.

On December 20, Litecoin experienced a notable upswing in new addresses, marking its most substantial increase in two years.

New Litecoin Addresses Surge

According to on-chain data from Glassnode, approximately 1.2 million LTC addresses were generated on December 20. However, the numbers have dropped to around 800,000 as of press time.

Number of new Litecoin LTC addresses. Source: Glassnode
Number of new Litecoin LTC addresses. Source: Glassnode

This surge aligns with a recent trend observed by crypto analytics platform IntoTheBlock, indicating that Litecoin’s daily active addresses have consistently surpassed those of Ethereum, the second-largest cryptocurrency by market capitalization.

Litecoin previously boasted that it saw more active addresses than the combined total of Bitcoin and Ethereum on December 22, recording 1.4 million on-chain transactions within a single day.

Read more: How To Buy Litecoin (LTC) and Everything You Need To Know

Ordinals Fuel Transactions

Indeed, the blockchain network has seen a remarkable uptick in processed transactions, attributed to the rise of Ordinals-like transactions.

On December 23, Litecoin’s official social media channel revealed that the network witnessed 2 million ordinal inscriptions in four days. This brings the total count of the assets on the network to more than 12 million:

“There are now over 12,000,000 Ordinals inscribed on Litecoin! Adding another 2 million in 4 days.”

Ordinals are NFT-like transactions that have gained traction across various blockchains, including Bitcoin, during the past year. These digital assets have sparked diverse opinions among stakeholders about their presence on these networks.

However, they play a prominent role in Litecoin as the network recently recorded its 200 millionth transaction on December 22. The blockchain saw over 10 million transactions within the last two weeks alone, highlighting its rapid acceleration.

Litecoin Transactions. Source: Glassnode
Litecoin Transactions. Source: Glassnode

This increased activity within Litecoin hints at growing interest and adoption among investors. Remarkably, while it took a decade for the network to reach 100 million transactions, it achieved the subsequent 100 million in less than two years.

Meanwhile, the improved network activity has yet to translate to improved price performance for the asset compared to other large-cap cryptocurrencies like Solana. Over the past 30 days, LTC’s price increased by approximately 3% to $72.09, while SOL is up by around 100% during the same period.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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