In recent times, the Litecoin network has experienced a significant surge in network activity, with the number of active addresses reaching record highs. According to a tweet by the blockchain analytics platform IntoTheBlock, on December 8, 2023, the number of active addresses in the #Litecoin network surpassed 1.4 million.
The mass growth in the number of active addresses in Litecoin can be attributed to the emergence of the LTC-20 token standard, built on the foundations of #Litecoin Ordinals protocols. This standard is a fork of the #BRC-20 standard in the Bitcoin network, which the community sees as an experiment showcasing that users can create off-chain balance states using labels. The standard was launched to enable the creation of non-fungible tokens (#NFTs) on the Litecoin network.
The number of active Litecoin addresses is spiking strongly, hitting a new all-time high of over 1.4 million addresses on December 8th! https://t.co/POjEVdh92n pic.twitter.com/HgiJ9cCDdq
— IntoTheBlock (@intotheblock) December 11, 2023
In addition to the increase in the number of active addresses, Litecoin wallets with balances have also soared to new highs, recording a growth of over 40% since the beginning of the year. Furthermore, on November 14, the number of transactions in the network reached a record level of 1.09 million, surpassing even the number of transactions in the Bitcoin network, which stood at around 523,284.
On December 8, the number of Litecoin transactions once again exceeded the number of #Bitcoin transactions, reaching 846,561, while the latter fluctuated around 411,321.
The surge in network activity and the growing number of active addresses in the Litecoin network can be attributed to the introduction of the LTC-20 token standard and the increasing adoption of Litecoin as a platform for creating and exchanging non-fungible tokens. This growth signifies the growing interest and confidence in Litecoin's capabilities and its potential as a decentralized digital asset platform.
