BlocksInform
The data show that litecoin has seen an acceleration in adoptions recently, since its total addresses have now exceeded those of ethereum.
Litecoin has continued to see quick adoption in the recent past.
As per a tweet from the director of the Litecoin Foundation, LTC’s growth has continued to accelerate even after surpassing Ethereum in total addresses. The “total addresses” here is an indicator from the on-chain analytics firm Glassnode that measures the total number of unique addresses of a cryptocurrency that have been involved in at least one transaction (whether as a sender or a receiver) on the chain during the entire lifetime of the network.
As this measurement increases in value, This means that users are creating new addresses within the blockchain at this time, This may be an indication that new investors are embracing cryptography.
Now, here is a chart that shows how the trends in the total addresses metrics for Litecoin and Ethereum have compared against each other during the last few months:
The two metrics seem to have crossed each other in recent days | Source: Jay Milla on Twitter
As shown in the chart above, the total number of Ethereum addresses was higher than Litecoin's up until very recently. Over recent months, ltc noted a strong increase in new addresses on the network, and while he saw an increase as well, it has grown considerably more damaging.
Due to this difference between the new addresses opened on these blockchains, Litecoin has succeeded in exceeding Ethereum this month. However, even after exceeding these limits, LTC growth appears to have shown no signs of slowing down.
Instead, it has accelerated. This implies that the CTA has only recently gained popularity with respect to adoption. Data from BitPay, the largest cryptocurrency payments processor in the world, only further backs this idea.
Think that Bitcoin is the sole user of cryptocurrency spend? Think again. Are payments going up?.. Read more: https://t.co/3j03QrH0lj pic.twitter.com/o3lVpWEPUT
— BitPay (@BitPay) January 19, 2023
In the circular graphic, Clearly, LTC accounts for 27.64% of all transactions processed by BitPay, This is higher than in Ethereum (11.66%) and Dogecoin (9.23%). The only coin that saw more use than the litecoin was bitcoin, which represented 41.62% of bitpay transfers.
Such an adoption has taken place as a payment method relative to other networks is probably due to the fact that the cryptocurrency offers quick transactions at very little cost.
Asset prices have also increased globally in recent months, which may also draw new users to the network. A more active take-up of this type may be constructive for the long term price, as a new base of users can provide a sustainable field for future price movements.
This year is also when Litecoin’s halving, an event where its production rate will be cut in half, is scheduled to take place. The Halvings have always been optimistic about cryptocurrencies, as they make them more scarce, so seeing more adoption prior to this event can be a hopeful sign for investors.
At the time of writing, Litecoin trades around $90.2, an increase of 3% in the past week.
LTC moves sideways | Source: LTCUSD on TradingView
