IntoTheBlock has announced that an altcoin has outperformed Ethereum (ETH) in terms of active addresses. The latest on-chain data shows that total Litecoin active addresses have surpassed those of Ethereum.
Litecoin (LTC), often referred to as digital silver in the crypto market, is experiencing a surge in daily active addresses once again. According to IntoTheBlock, there has been a significant increase in Litecoin activity, with active LTC addresses increasing by 75% to reach the highest level since January. This surge has led to Litecoin surpassing ETH by more than 100,000 active addresses.
In addition to the increase in active addresses, Litecoin transactions have also seen a significant uptick, reaching 426,000 in a single day. While most of the transactions were smaller than $10, there has been a noticeable increase in transactions of all sizes. IntoTheBlock sees this as a sign of growing interest in Litecoin and its expanding utility.
Looking at the price of Litecoin, analysts at IntoTheBlock note that over 1.4 million addresses have purchased 10.53 million LTC at a maximum price of $91.6. Profit-taking at $92 may present a challenge for Litecoin’s recovery, but if LTC manages to stay above $92, it could see a rapid rise towards $100. Analysts also suggest that if Litecoin miners continue to hold onto their monthly savings, the LTC price could break through the key short-term resistance level at $92.
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