With a broader resurgence in the cryptocurrency market, Litecoin (LTC) has experienced a monthly surge of nearly 20%, briefly surpassing the $74 mark. Increased network activity has played a significant role in this upward trend.
Data compiled by IntoTheBlock shows that active addresses on the Litecoin network have reached a six-month high.
- On November 13, the count of active addresses, which reflects those involved in transactions, increased to 979.55k, breaking the previous record of 719.3k set in May, which was driven by the launch of the LTC-20 token standard.
- According to ITB, the total number of addresses with balances also reached a new peak this week, representing an increase of more than 40% year-on-year.
- According to Bitinforcharts, the number of transactions reached an all-time high of 1.09 million on November 14, briefly surpassing Bitcoin’s transaction count, which stood at 523.28k.
- Despite the increase in the number of transactions, the total number of coins transferred on the chain remained relatively low, indicating that the majority of traffic was generated by low-value transactions. This is evidenced by the transaction volume, which dropped by 90% from the high of $26.18 billion recorded in January this year to around $2.03 billion.
- As the network experienced an increase in activity, the total amount of fees paid to miners saw an increase.
- Nevertheless, the average fee paid per transaction by a network user decreased. This shows that the network did not face congestion despite the substantial increase in transactions.
- Historically, network congestion has caused users to bid fees to speed up their transactions due to crowded transaction queues.
- Meanwhile, the number of long-term LTC holders reached 5.26 million this week, reflecting “growing confidence” in the asset.
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