On November 14th, Litecoin processed over 1 million transactions in a single day, more than double the number processed by Bitcoin on the same date.
According to BitInfoCharts, Litecoin processed more than 1,015,900 transactions. This indicates significant growth in the adoption and usage of Litecoin. However, despite the increased number of transactions, the total volume transferred on the network remained somewhat low.
Additionally, the average fees paid by users decreased, suggesting that the network was able to handle the additional load without getting congested or raising fees to expedite transactions.
Bitcoin Leads in Daily Active Addresses
As reported by IntoTheBlock on November 16th, Bitcoin asserted its market dominance with 960,000 daily active addresses, the highest among major blockchains. This crucial metric of network utilization and user activity demonstrates that Bitcoin has the largest base of active users compared to Ethereum, Cardano, Dogecoin, Avalanche, and other networks.
Our Layer 1 (L1) Comparison Perspective offers a detailed analysis of leading layer 1 blockchains, focusing on key on-chain metrics.
Currently, the daily active addresses, a key indicator of network utilization and user activity, show an interesting hierarchy:
1⃣Bitcoin:… pic.twitter.com/6DpllQla5t
— IntoTheBlock (@intotheblock) November 16, 2023
However, the Litecoin network comes closest to Bitcoin with 797,000 daily active addresses, followed by Ethereum in third place with 405,000 daily active addresses. The analytics platform highlighted that Ethereum “is consistently one of the networks with the highest number of active users.”
Litecoin’s milestone demonstrates its ability to process a large volume of transactions quickly and much more economically than the majority of networks, reinforcing its position as one of the leading cryptocurrencies for payments and a viable alternative to Bitcoin.
Litecoin (LTC) prices remain stable
Despite the transactional record, the price of Litecoin has remained stable, showing a moderate increase of 16% over the last month. Additionally, open interest in futures is trending sideways but with a positive funding rate, indicating an increase in long positions.
Therefore, while the transactional record confirms Litecoin’s technical strength, it has not yet sparked the desired enthusiasm among LTC maximalists. However, experts anticipate that this milestone will eventually translate into increased adoption and confidence among major investors, helping propel LTC’s price to new historic highs.
For now, Litecoin holders can relax while waiting for Bitcoin to continue its bullish rally, dragging the majority of cryptocurrencies along with it. At the time of writing this note, Litecoin is trading at $71.03 after experiencing a 4% pullback in the last 24 hours.
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