Litecoin Total Addresses Surpass Those of Ethereum After $LTC's 25% Rally Year-to-Date
Litecoin ($LTC), a cryptocurrency that’s often referred to as the silver to Bitcoin’s gold, has been seeing its adoption explode, to the point that the total number of addresses on the network has now surpassed the total number of addresses on Ethereum ($ETH).
According to Glassnode data shared by the director of the Litecoin Foundation, $LTC’s growth has recently accelerated significantly, to the point that its total number of addresses surpassed those of Ethereum.
The metric “total addresses” used by on-chain analytics firm Glassnode, it’s worth noting, represents the number of distinct addresses that have participated in any transaction (either as sender or receiver) on the blockchain network from its inception until now.
On a public blockchain like that of Bitcoin, an address is a unique identifier that allows users to send and receive transactions., but does not represent a single user, as a user can create multiple addresses for free. Some privacy advocates advise users to create one address per each transaction.
Litecoin’s sharp rise in addresses comes at a time in which its hashrate hit a new all-time high of around 680 TH/s. Litecoin uses a Proof-of-Work (PoW) consensus algorithm, just like BTC.
LTC’s hashrate has grown while its price surged significantly. Over the past 30 days, the cryptocurrency is up over 30%, outperforming most other top digital assets.
Much like BTC, Litecoin undergoes halving events, in which the coinbase reward for miners who find blocks on the network is halved. Litecoin’s next halving event is expected to occur in August 2023, and will reduce mining rewards from 12.5 LTC to 6.25 LTC. Halving events are seen as bullish, as new supply on the market is halved through them.
As CryptoGlobe reported, historical Litecoin price data suggests that the price of Litecoin could surge months after its halving event to the point it hits a new all-time high next year. The cryptocurrency could, however, endure a correction right after the halving.
According to data analyzed by popular cryptocurrency analyst Rekt Capital, Litecoin “trends to rally quite strongly before its halving,” with the cryptocurrency rising 820% after bottoming out 122 days ahead of its first-ever halving, and rising 550% after bottoming 243 ahead of its second halving.
Historically, the cryptocurrency rallied more after its halving event. After its first halving, LTC surged 12,400%, while after its second halving it rose 1,573%.
Litecoin’s price rallied late last year while outperforming the market after over two weeks of accumulation by large addresses holding between 1,000 and 100,000 LTC.
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