Litecoin (LTC) had seen an exponential increase towards its active network addresses, 3 months prior to its scheduled halving event in August 2023. According to blockchain intelligence firm Santiment's latest insights report, this surge of active addresses might have been a result of LTC20 – an experimental standard for non-fungible tokens (NFTs). Besides this impressive development in the Litecoin network, the altcoin had also outperformed Bitcoin (BTC) by a margin of 0.48%. As of press time, the crypto asset was trading close to its daily high of $80.74, with a 24-hour gain of 2.66%. Its market capitalisation was around $5.85 billion, which placed it as the 13th biggest cryptocurrency in the market and ahead of Binance USD (BUSD).
The spike that was evident in the number of active addresses on the Litecoin network in early May 2023, was commented on by Santiment in their report. They also attributed the high levels of concentration of micro wallets with less than 0.001 LTC to the LTC20 token. According to the intelligence report, this could have been an outcome of the increased interest in LTC20 within the Litecoin community, back in early May.
Although at the time of writing this article, Litecoin was performing relatively well, outperforming its major rival Bitcoin, it was not doing as good against Ethereum (ETH). In fact, the altcoin was down 0.39% against the leading altcoin. Nevertheless, the front-running cryptocurrency set a good track for its halving event that is estimated to happen in August 2023. By then, the success of LTC20 would have been more evident, as the experiment might have been continued by the development team throughout this time.
Overall, the news of the increasing number of active addresses on the Litecoin network, in addition to its dominance over the king coin, was very promising for the future of the cryptocurrency. It will be interesting to see if the success of LTC20 will be an indication of what is to come during the next halving event of the cryptocurrency.
Scarlett Wilson
- 2023-05-13
Litecoin Gains Momentum Before Halving
Litecoin (LTC) had seen an exponential increase towards its active network addresses, 3 months prior to its scheduled halving event in August 2023. According to blockchain intelligence firm Santiment's latest insights report, this surge of active addresses might have been a result of LTC20.
