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- Litecoin (LTC) hit a remarkable milestone as 1 million new addresses were generated in a day.
- Litecoin’s future remains bullish despite a relatively poor price outlook at the moment.
In a notable development for the crypto market, Litecoin (LTC), one of the leading digital assets, has recorded an inflow of over 1 million new addresses created in a single day. This surge aligns with heightened transaction volume and increased network engagement, positioning Litecoin as a prominent player in the crypto space.
The Unprecedented Litecoin (LTC) Surge
On-chain data from Glassnode reveals that approximately 1.2 million new Litecoin addresses were generated on December 20, representing the most substantial increase in two years. Although the numbers have since slightly decreased to around 800,000 at the time of writing, the surge remains indicative of a growing interest in Litecoin.
This surge is particularly noteworthy as it coincides with a consistent trend observed by the crypto analytics platform IntoTheBlock, highlighting that Litecoin’s daily active addresses have consistently surpassed those of Ethereum (ETH).
Notably, Litecoin’s on-chain performance has been nothing short of impressive. The cryptocurrency has reported more active addresses than the combined total of Bitcoin and Ethereum on December 22, recording a staggering 1.4 million on-chain transactions within a single day. The Litecoin (LTC) daily transaction volume, as reported by Crypto News Flash, averaged around $19 million in December, an outstanding increase from the previous two months.
A notable factor contributing to Litecoin’s surge is the rise of Ordinals-like transactions within its blockchain. On December 23, Litecoin’s official X channel announced that the network had witnessed a remarkable 2 million ordinal inscriptions in just four days. This boosts the total number of assets on the network to over 12 million.
BREAKING: There are now over 12,000,000 Ordinals inscribed on Litecoin! Adding another 2 million in 4 days. #LTC20 #Litecoin⚡️ $LTC #Ordinals pic.twitter.com/7ON8BnCbTv
— Litecoin (@litecoin) December 23, 2023
Ordinals are NFT-like transactions that have gained traction across various blockchains, serving as a testament to Litecoin’s ability to handle a growing number of assets and transactions.
Furthermore, the surge in activity within the Litecoin (LTC) blockchain is indicative of growing interest and adoption among both institutional and retail investors. The network recently celebrated its 200 millionth transaction on December 22, with over 10 million transactions occurring in the last two weeks alone.
Notably, while it took a decade for the network to reach 100 million transactions, the subsequent 100 million were achieved in less than two years, highlighting the rapid acceleration of Litecoin’s adoption.
Litecoin’s Price Performance and Future Projections
Despite the increased network activity, Litecoin’s price performance has yet to match the intensity of its on-chain growth. Over the past 30 days, LTC’s price has increased by approximately 8.92% to $76.11 as of the time of writing. In contrast, other large-cap cryptocurrencies like Solana (SOL) saw a remarkable 100% increase during the same period.
Analysts and traders, however, remain optimistic about Litecoin’s future. XeroCrypto suggests that the Grayscale Litecoin Trust is leading the way, projecting that Litecoin (LTC) could reach over $100 per coin based on the accumulation by the investment vehicle. The on-chart metrics and price predictions indicate a potential major upswing for Litecoin soon.
As Litecoin continues to make strides in adoption and network activity, the coming months may see it further solidify its position as an important layer-1 blockchain network.