Litecoin (LTC) has shown impressive growth rates in 2024. The digital currency rose from a local bottom around $65 to a peak of almost $137 in a short time. Although a recent market crash temporarily dropped the price below $87, Litecoin has since recovered strongly.
Increase in network activity
However, Litecoin’s performance is not just limited to its price. Data from blockchain analysis platform IntoTheBlock shows that network activity will have increased significantly in 2024. The number of daily active addresses on the Litecoin network rose to an average level of 401,000. For comparison: in 2023 this average was still 366,000 addresses.
A peak was reached in January 2024, when the network registered a whopping 1.37 million active addresses in a single day. At that time, Litecoin even surpassed the activity of majors such as Bitcoin (BTC) and Ethereum (ETH).
Confidence of long-term investors
What is particularly striking is the strong confidence of long-term investors in Litecoin. Approximately 53.9% of all mined LTC has not been moved for more than a year. This indicates that many investors are not actively marketing their Litecoin. In addition, 85.8% of all LTC is held for at least one month, with an average holding period of 2.4 years. These figures illustrate the confidence in the digital currency and its future potential.
Miners benefit from Litecoin’s halving
Litecoin also managed to shine in a different way in 2024. US mining company BIT Mining from Ohio reported earlier this month that mining Litecoin was significantly more profitable than Bitcoin. This success is partly attributed to merged mining, where Litecoin and Dogecoin (DOGE) are mined simultaneously. This method increases the efficiency of miners and yields impressive profit figures.
The halving of Litecoin in April 2024 also played a major role. In the period after the halving, many altcoins, including LTC, rose sharply in value. This has not only boosted the price of Litecoin, but also further strengthened the position of the network.
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Source: https://newsbit.nl/litecoin-ltc-blijft-groeien-opmerkelijke-prestaties-in-2024/
