All statistics indicate the Litecoin ecosystem is growing across the board. A higher network activity, combined with many new addresses being recorded, are all telltale signs. Reaching that $200 price level may prove challenging, but nothing is impossible in this industry.
The Litecoin Growth Is Tangible
It is always pertinent to check out a cryptocurrency‘s daily transaction rate to figure out overall network health. For Litecoin, the statistics are increasing once again. With a three-month high in network transactions, it seems the high price isn’t the only reason why this project gains renewed interest. That said, there is still a long way to reach the levels of October 2020 again.
Putting this in perspective, the Litecoin network records nearly 3.5 million daily transactions as of late. Not a bad figure for a network that most crypto “OGs” will not give a second glance. Compared to Bitcoin and Ethereum, Litecoin is both faster and cheaper to use, giving it somewhat of an appeal for moving value quickly.
Even so, Litecoin has never been able to gain traction on the same scale as either Bitcoin or Ethereum has. It is a good altcoin, for all intents and purposes, but does not have any big appeal among non-crypto users. It is unclear whether that is due to a lack of brand awareness or because creator Charlie Lee cashed out high LTC holdings years ago.
One aspect working in favor of this altcoin is how the number of receiving addresses is also rising. In fact, the statistic yields a three-year high, indicating the sleeping giant may have awoken. It is now a matter of supporting this growth rate, although that will prove challenging for many different reasons.
New Addresses Hit A Three-year High
Speaking of hitting three-year highs, it is not about the number of receiving addresses. Instead, there is also a three-year high for the number of new addresses. A rise in this metric can have many different reasons, including exchanges, wallets, and trading platforms shifting things around a bit.
Additionally, more people may expect big things from Litecoin shortly. What those expectations may entail is a very tough question to answer. A rising price will always attract newcomers, but that alone cannot explain this recent growth, which surprises everyone.
All of these signs confirm the Litecoin network is healthy and enjoying a lot of attention lately. The big question is if and how long this will remain the case. Standing out among the different cryptocurrencies is always a tough act, especially now that so many people are looking for quick profit opportunities.