Market intelligence platform IntoTheBlock has explained why Litecoin (LTC) is not an asset to ignore based on its on-chain metrics.
Litecoin has continued to witness significant activity recently
In a new the post At X, IntoTheBlock discusses what the various key on-chain indicators have been like for the Litecoin network recently. Below is the infographic shared by the analytics firm.
According to statistics, there are currently about 370,000 daily Active addresses Litecoin on the blockchain. An address is said to be ‘active’ when it participates in some type of transactional activity on the network, whether as a receiver or sender.
The value of the metric basically tells us the amount of users who are using the cryptocurrency. Another indicator, daily transactions, provides information on the exact measure of activity in which these users are participating.
Currently, LTC users are doing 200,000 transactions every day. IntoTheBlock has pointed out that this level of user activity is higher than other networks such as Dogecoin (DOGE) and Cardano (ADA).
“Much of this activity stems from Litecoin which is one of the few cryptocurrencies actively used for payments,” notes the analytics firm. LTC offers cheap and fast transactions, so it has always been the preferred network as a payment method. Activity-related metrics consistently high (in fact, rising more in the past month) mean that this selling point of the chain is still attracting consumers.
Another metric in the infographic is related to activity Transaction volumewhich keeps track of the daily total amount of USD value being transferred on the network. Impressively, this indicator currently stands at $10.27 billion, which is more than the total market cap of the coin.
While Litecoin continues to perform well in terms of activity-related metrics, the cryptocurrency has remained stagnant in terms of price growth. The result is that only 72% of the addresses on the network are sitting with some negligible benefit.
Of course, this still means that the majority is above water, but other networks such as Bitcoin (BTC) are currently close to 100% due to the bull run. That said, another way to look at it might be that Litecoin has more relative room to run, as the risk of a massive sell-off increases the more investors go into profit.
It seems that a strong majority of the Litecoin userbase thinks the same way, as 7.94 million Litecoin holders have become 78%. hodling For more than a year.
“As one of the older Layer 1 networks still seeing significant use, Litecoin should not be overlooked,” says IntoTheBlock. It remains to be seen, however, whether LTC can finally translate its positive on-chain metrics into price appreciation.
LTC price
Litecoin has experienced a decline of around 8% in the last 24 hours, bringing its price down to $113.
