The number of active wallet addresses on the Litecoin network has significantly increased, reaching an all-time high. According to data provided by IntoTheBlock, the number of active wallet addresses on the Litecoin network surpassed 1.4 million on December 8th. Market experts believe that this increase in network activity could lead to a sharp rise in the price of the altcoin.
This increase in the number of active wallet addresses on the Litecoin network occurred shortly after the network activity reached its highest level in the last six months. In mid-November, the number of active wallet addresses on the network rose to 979,550, breaking the previous record of 719,300 set in May.
The Litecoin Ordinals Protocol, built on the LTC-20 token standard, is cited as the reason for the significant increase in active wallet addresses. This standard is seen as an experiment by the community, capable of creating off-chain assets called ordinals, a branch of the Bitcoin BRC-20 standard. As is known, this standard was introduced for the creation of assets on the Litecoin network as well.
In addition to the increase in active wallet addresses on the Litecoin network, the number of wallet addresses with a non-zero balance also reached new highs, showing an increase of over 40% since the beginning of the year. Moreover, on November 14th, the number of transactions on the network reached an all-time high of 1.09 million, surpassing Bitcoin’s approximately 523,284 transactions. On December 8th, the number of transactions on the Litecoin network reached 846,561, once again surpassing the number of Bitcoin network transactions, which was approximately 411,321 on the same date.
Despite significant increases in the activity of the Litecoin network, the price of the network’s native asset, LTC, is gathering strength along with the general upward trend in the cryptocurrency market. According to CoinMarketCap data, the altcoin price joined the weekend rally of BTC and other altcoins, reaching $77 on December 10th. Although the price fell to $72.45 on the first day of the week with a 7% decrease, it is showing signs of recovery.