Litecoin Sees 10% Growth in Daily Active Addresses and Bullish Price Predictions for 2024
Highlights:
- Litecoin’s daily active addresses in 2024 average 401,000, a 10% increase from 366,000 in 2023.
- A peak of 1.37 million active addresses was recorded in January 2024, surpassing Bitcoin and Ethereum’s activity that month.
- Analysts predict Litecoin could reach $140-$150, driven by bullish momentum and reduced miner selling pressure.
Litecoin’s Network Activity Rises
Litecoin has experienced a notable rise in daily active addresses in 2024, averaging 401,000 per day—up from 366,000 in 2023. This growth highlights Litecoin’s ongoing relevance in the cryptocurrency market.
According to data from IntoTheBlock, the 10% year-over-year increase in network activity reflects sustained user adoption for transactions and blockchain applications. January 2024 marked a significant milestone, with Litecoin recording 1.37 million active addresses on a single day, surpassing Bitcoin and Ethereum’s daily activity peaks that month.
The surge in Litecoin’s activity during early January is attributed to its use for peer-to-peer transactions and lower transaction fees compared to competitors, making it a preferred medium of exchange during periods of market volatility.
Impact of Stabilized Miner Selling on Litecoin’s Price
Litecoin’s improved network activity aligns with reduced selling pressure from miners. Following a December sell-off where 210,000 LTC were liquidated in five days, miners paused sales, leading to a price recovery from $87 to above $100.
Grayscale Investments has also played a role in bolstering confidence in Litecoin by accumulating over 41,100 LTC in the past month, bringing its total holdings to $220 million in assets.
At the time of writing, Litecoin is trading at $102.27, reflecting a 41.29% gain over the past year. The market cap stands at $7.7 billion, with a 24-hour trading volume of $746.82 million.
Price Outlook for Litecoin
Analysts are optimistic about Litecoin’s price trajectory, pointing to bullish indicators that suggest potential further gains. If the upward momentum continues, LTC could rise to $140-$150, with the possibility of reaching $200 during an extended rally.
With increased network activity, reduced miner selling, and growing institutional interest, Litecoin appears poised for continued growth in 2024.
