Litecoin, which is not among the altcoins that the SEC describes as security in the lawsuits filed against Binance and Coinbase, is preparing for the halving in August.
With few days left for halving, Litecoin is experiencing network growth ahead of August.
In this context, according to the data shared by IntoTheBlock, the number of daily active addresses and new addresses on the LTC blockchain has increased.
Accordingly, after the recent volatility, the number of active addresses for 7 days increased by 28.7% and the number of new addresses for the day increased by 54.6%.
“Active addresses and new addresses are on the rise again for Litecoin. Daily active addresses saw a 7-day increase of 28% and new addresses saw a 7-day increase of 54.6%!”
Active addresses & new addresses are back on the rise for #Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!
Source: https://t.co/POjEVdh92n pic.twitter.com/PCbcGV7mFH— IntoTheBlock (@intotheblock) June 19, 2023
This LTC-related increase data from IntoTheBlock comes just after popular on-chain market intelligence platform Glassnode reported a few days ago that LTC’s total addresses have surpassed 181 million Ethereum (ETH) addresses to reach 200.7 million.
Evaluating the increase in the total number of addresses as well as daily active and new addresses in the Litecoin network, experts said that this increase indicates a significant increase in the market’s interest in LTC, one of the most popular altcoins.
Although the increase in network activity in LTC over the last 7 days can be caused by a number of factors, one of the most important factors is considered to be the halving in August.
Litecoin, which rose above $ 100 in the rise experienced after January, threw up to $ 65 in the declines since May.
LTC continues to trade at $77.13 at the time of writing.
*Not investment advice.
