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On Monday, February 23, Litecoin achieved the top position among Proof-of-Work (PoW) blockchains regarding the proportion of daily active addresses.
Out of 423,766 registered addresses in Litecoin, 237,064 are active, representing 56% of the total. This indicates that transactions were conducted with every second address on the Litecoin blockchain—users are engaging with the network rather than merely holding coins in wallets, as stated by Litecoin developers.
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In comparison, Bitcoin has 87,466 active addresses, which accounts for 21% of the total registered in the network. Litecoin developers claim that their blockchain has surpassed Bitcoin in terms of genuinely utilized active addresses by approximately 35%.
Other networks exhibit significantly lower figures: Dogecoin has 49,388 active addresses (12%), Dash has 31,601 (7%), and Bitcoin Cash has 18,257 (only 4%).
The number of active addresses is regarded as a direct indicator of network usage: the greater the number of addresses interacting with the blockchain, the higher the demand for transactions. The surge in activity within Litecoin can be attributed to low transaction fees.
However, the increase in network activity has not been reflected in Litecoin’s market performance. Over the past 24 hours, LTC has decreased by more than 3.8%, falling from $54.75 to a low of $50.9. Meanwhile, the daily trading volume of LTC rose by 5.7% to $308.6 million, indicating heightened trading activity. Despite this trend, Litecoin remains 87% below its all-time high of $412, recorded in May 2021.
Last year, Cardano blockchain founder Charles Hoskinson promised to integrate Litecoin into his Cardano blockchain to deploy the Midnight privacy protocol, aimed at enhancing the volume of fund transfers between networks.
