The number of active addresses on the Litecoin [LTC] network has surpassed that of Bitcoin Cash [BCH] and Dogecoin [DOGE]. According to Jay Milla, the director of the Litecoin Foundation tweet, the growth of wallet activity on the Litecoin network has risen to 450k, outpacing other large-cap cryptocurrencies. And after LTC, Cardano’s [ADA] active address count stood at 214k, followed by Bitcoin Cash [BCH] with 101k and Dogecoin [DOGE] with just 60.89k.
Dogecoin [DOGE] and Cardano [ADA] have seen a surge in transaction volume in recent times. Elon Musk fueled the DOGE rally in the first few months of 2021, exacerbating it to reach an all-time high of $0.73. However, as the hype faded, so did the price and network activity.
On the other hand, Cardano’s Alonzo update significantly boosted its price in August this year but its address count remained low.
So what does this imply? The active address is a metric measured in terms of an increase in the network activity on-chain. Analysts can utilize these data to predict the behavior of the crypto asset in the market and the possible price changes.
Litecoin has seen a spike in such active wallets adoption due to its high speed and cost-effective transaction. Recently a new upgrade was introduced called, ‘OmniLite’, a protocol designed to implement smart contracts, non-fungible tokens [NFTs], and other decentralized assets. Another interesting feature is the crucial implementation of privacy transactions on an experimental basis via the MimbleWimble [MW] protocol.
Litecoin’s Rising hash rate
Looking at the bigger picture, the Litecoin hash rate had surged to an ATH of 523.8 TH/s days before the second halving. Right after the event, the hash rate figure fell below 140 TH/s, a decline of over 73% in just 6 months. Since then, it has kept low. The crypto’s hash rate came close to 400 TH/s during the 2021 rally. Shortly after which, it fell significantly again.