Litecoin has reported a significant rise in network activity for 2024, with an average of 401,000 daily active addresses. This figure represents a 10% increase from the previous year’s average of 366,000 daily active addresses, showcasing Litecoin’s persistent relevance in the cryptocurrency landscape.
What Do the Latest Figures Reveal?
Recent statistics show that Litecoin achieved a remarkable 10% growth in daily active addresses compared to 2023. This trend indicates that user engagement in transactions and other blockchain activities remains strong on the network.
How Are Miners Influencing Litecoin’s Market?
The uptick in Litecoin’s network engagement has been bolstered by miners opting to stabilize their holdings. After an uptick in sales in December, miners stopped selling LTC, which positively impacted its price.
Grayscale Investments has also been active, acquiring 2,230 LTC during the recent market slump, bringing their total 30-day accumulation to over 41,100 LTC. This positions Grayscale as a key player among institutional stakeholders in Litecoin.
Currently, Litecoin trades at $103, marking a notable 41.29% rise over the past year, with a market cap of $7.7 billion and a trading volume of approximately $746.82 million in the last 24 hours.
- Daily active addresses have increased significantly, indicating robust user engagement.
- Miners are holding back sales, encouraging price recovery.
- Institutional interest, particularly from Grayscale, is on the rise.
- Expert forecasts predict potential price targets of $140-$200 for LTC.
With the observed growth in daily active addresses and institutional interest, Litecoin is positioned for further advancements in the cryptocurrency market. This burgeoning interest reflects a strong confidence from users and stakeholders, potentially leading to favorable price movements in the future.