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HomeNewsLitecoin Outshines Ethereum: Massive Lead of Over 20 Million Addresses

Litecoin Outshines Ethereum: Massive Lead of Over 20 Million Addresses

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  • Litecoin (LTC) has surpassed Ethereum (ETH) in the total number of accounts, with over 200 million addresses compared to ETH’s 181 million.
  • LTC’s performance indicators, including daily active addresses and transaction volume, reflect increased usage and positive market sentiment.

Litecoin (LTC) has taken the lead over Ethereum (ETH) in a significant metric, as confirmed by Glassnode data. The total number of addresses associated with Litecoin has surpassed 200 million, while Ethereum’s count stands at 181 million, giving LTC a lead of over 20 million addresses.

This milestone achievement highlights Litecoin’s growing adoption and popularity among users. The blockchain’s performance indicators paint a bullish picture, reflecting increased usage and positive market sentiment. Daily active addresses have spiked, indicating heightened activity on the network. Additionally, LTC’s velocity, a metric measuring its transaction frequency, has shown an upward trend.

Another positive sign for Litecoin is the increase in daily on-chain transaction volume in profit. This metric indicates that more transactions are being conducted with LTC, contributing to its growing ecosystem.

Despite the positive network activity, Litecoin’s price action has remained relatively sideways, experiencing only a marginal increase over the past week. At the time of writing, LTC is trading at $77.43, with a market capitalization surpassing $5.6 billion.

Whale activity surrounding LTC has remained high, suggesting continued interest from large investors. Furthermore, sentiment around Litecoin has improved, as reflected in its weighted sentiment and social volume.

Looking ahead, Coinglass data suggests a potential shift in Litecoin’s price trajectory. The decline in Litecoin’s Open Interest since the beginning of June indicates a possible end to the current price trend, setting the stage for potential gains in the near future.

Analyzing LTC’s daily chart reveals several bullish market indicators. The Moving Average Convergence Divergence (MACD) signals the possibility of a bullish crossover, while the Relative Strength Index (RSI) shows an uptick in Litecoin’s strength. The Money Flow Index (MFI) follows the same trend, further increasing the likelihood of an upward price movement in the coming days.

With Litecoin surpassing Ethereum in the total number of accounts and exhibiting positive performance indicators, the future appears bright for LTC. As adoption and usage continue to grow, Litecoin’s position as a prominent player in the cryptocurrency market solidifies, offering potential opportunities for investors and developers alike.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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