Recent analyses of on-chain data have uncovered an impressive surge in Daily Active Addresses on the Litecoin network, showing significant year-over-year growth. This metric, which tracks all unique addresses engaging in transactions each day on the network, serves as a barometer of user activity and interest in cryptocurrency.
Growth in Litecoin’s User Activity
Daily Active Addresses indicate a growing user base, as more unique addresses participate in transactions indicative of increased network activity. Conversely, any decrease would indicate lessening investor enthusiasm, as fewer users engaged in on-chain activities. Statistics for 2018 demonstrate an upbeat start followed by periods of fluctuation but maintaining overall sideways movement overall despite fluctuations – daily interactions have averaged around 401,000 addresses daily; marking almost 10% growth year over year over last year’s daily average of 366,000 addresses.
Litecoin has achieved excellent activity metrics due to its cost-effective transaction processing abilities and increased network traffic compared to last year. Furthermore, mining investment in the network has surged as evidenced by its rising total hash rate which shows their confidence in its robustness and growth potential.
The State of Litecoin’s Market Value
Last week, Litecoin experienced a decline in market value that reached close to $86; however, recent trends indicate a positive shift with its value now nearing $110. This turnaround may signal that its price may soon reverse itself as its network activity and miner trust increase; suggesting it may well be on its way back up again.
