Litecoin (LTC / USD), the 15th largest cryptocurrency by market capitalization, has overtaken Ethereum (ETH / USD) when it comes to the number of active addresses. Santiment, a leading analytics firm, leaked this news via a tweet today, noting that this is the third time LTC has flipped ETH address business in 2021.
Santiment also revealed that around 600,000 people use LTC every day. The firm notes that this is a remarkable achievement for a UTXO coin because, unlike Ethereum, it lacks the support of the decentralized finance (DeFi) and non-fungible token (NFT) spaces, which have exploded this year.
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For Santiment, its UTXO metric counts the number of addresses receiving cryptocurrencies. In the case of LTC, the number is very close to the number of active addresses. Comparing LTC to Bitcoin (BTC), another UTXO coin, Santiment found that the metrics are correct, as LTC’s address activity doesn’t come close to that of BTC.
Aside from a growing number of users who have developed an interest in LTC, the factors behind the growing coin addressing business remain unknown.
The price of LTC is not congruent with the activity of the address
Despite the number of active LTC addresses exceeding 575,000, the coin’s price action does not reflect that milestone. Currently, LTC is trading at $ 174.37 (£ 127.87) after gaining 2.21% in the past 24 hours.
This price also represents a 3.02% drop over the past seven days, showing that the coin has been trading sideways. Unlike other leading cryptocurrencies, which are nearing their all-time highs, LTC is still down 57.58% from its May 10 all-time high of $ 412.96 (£ 302.72).
This comes after LTC made headlines last month after a false announcement of a partnership with Walmart. The publication made the rounds online, with Charlie Lee, the chief executive of the Litecoin Foundation, tweeting about the partnership.
Following the announcement, LTC rose to $ 233.06 (£ 170.90). However, Walmart released a statement saying the ad was not genuine. After realizing the news was false, Lee also removed the tweet. As a result, LTC plunged to $ 171.38 (£ 125.67) on the same day.
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