{"id":532539,"date":"2023-05-13T11:20:54","date_gmt":"2023-05-13T11:20:54","guid":{"rendered":"https:\/\/wncen.com\/?p=532539"},"modified":"2023-05-13T10:59:18","modified_gmt":"2023-05-13T10:59:18","slug":"litecoin-ltc-records-spike-in-active-addresses-following-launch-of-ltc-20-santiment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin\/litecoin-ltc-records-spike-in-active-addresses-following-launch-of-ltc-20-santiment\/","title":{"rendered":"Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC-20: Santiment"},"content":{"rendered":"

Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. According to data<\/a> from the on-chain analytics platform, Santiment, the number of daily active network addresses on Litecoin has increased by over 400,000 since the start of May.\u00a0<\/span><\/p>\n

However, Litecoin has only experienced a slight increase in its transaction volume during the same period, which is unusual considering the significant rise in its daily active addresses. Analyzing this network activity, Santiment released a detailed report<\/a> on the factors behind such development.<\/span><\/p>\n

\"Litecoin\"<\/p>\n

Increased Daily Active Addresses On Litecoin | Source: Santiment<\/pre>\n
Related Reading: PEPE Attempts Market Rebound, Surges By 28% In 24 Hours<\/a><\/div>\n
LTC-20 Standard Drives Rise In Litecoin Micro Addresses\u00a0\u00a0<\/span><\/h2>\n
According to Santiment, the majority of new active addresses on Litecoin are the most miniature set of wallets on the network holding between 0-0.001 LTC. This explains the little increase in trading volume despite the rising number of daily addresses.\u00a0<\/span><\/p>\n
Behind this gain in micro wallets, Santiment postulates the recent introduction of the LTC-20 token standard<\/a> to be the primary driving force. This is based on chart data which shows that this exciting rise in the 0-0.001 LTC wallets began after the launch of the LTC-20 standard on May 2.\u00a0<\/span><\/p>\n
\"Litecoin\"<\/p>\n
Increased Micro Addresses (0-0.001 LTC) On Litecoin | Source: Santiment<\/pre>\n
According to its official Gitbook<\/a> page, LTC-20 is referred to as an experimental standard for non-fungible tokens (NFTs).\u00a0<\/span><\/p>\n
While providing an introduction to this blockchain product, the page author stated;\u00a0<\/span><\/p>\n
\u201c…this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is met.\u201d\u00a0<\/span><\/p>\n
However,\u00a0 while LTC-20 is in its testing phase, it has been the rave of the Litecoin community in the last two weeks. This is mainly because it is based on the Bitcoin BRC-20 standard, allowing users to create \u201cworthless\u201d fungible tokens using the ordinal theory.\u00a0<\/span><\/p>\n
The BRC-20 token standard has proven to be quite successful since its launch two months ago, accumulating a market cap of over $660 million from then to date. <\/span>That said, both the BRC-20 and LTC-20 tokens are NFT-like assets, albeit fungible, which inscribe data such as text, images and video on a blockchain.\u00a0<\/span><\/p>\n
Related Reading: Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid Staking Market<\/a><\/div>\n
LTC-20 Yet To Affect LTC\u2019s Price<\/span><\/h2>\n
Although LTC-20 has brought about an increase in the daily active address as well as transaction counts on the Litecoin network, it is yet to elicit a similar positive effect on the price of LTC.<\/span><\/p>\n
Based on data from Coingecko<\/a>, Litecoin has declined by 8.4% and 10.7% in the last seven and 14 days, respectively. The token has gained by 14.8% on its year-to-date value but is down by a staggering 80.43% from its all-time high value of $410.26.<\/span><\/p>\n
At the time of writing, LTC is trading at $80.51, having gone up by 1.8% in the last 24 hours. The token\u2019s daily trading volume has also gained by 7.11% to attain a value of $417.43 million.<\/span><\/p>\n
That said, Litecoin remains the 14th biggest cryptocurrency in the world, with a total market cap of $5.88 billion.\u00a0<\/span><\/p>\n
\"Litecoin\"<\/p>\n
LTC Trading At $80.70 | Source: LTCUSD Chart on Tradingview.com<\/a><\/pre>\n
-Featured Image: JDN , Chart from TradingView.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. According to data from the on-chain analytics platform, Santiment, the number of daily active network addresses on Litecoin has increased by over 400,000 since the start of May.\u00a0 However, Litecoin has only experienced a slight increase in its transaction volume during the same period, which is unusual considering the significant rise in its daily active addresses. Analyzing this network activity, Santiment released a detailed report on the factors behind such development. Increased Daily Active Addresses On Litecoin | Source: Santiment Related Reading: PEPE Attempts Market Rebound, Surges By 28% In 24 Hours LTC-20 Standard Drives Rise In Litecoin Micro Addresses\u00a0\u00a0 According to Santiment, the majority of new active addresses on Litecoin are the most miniature set of wallets on the network holding between 0-0.001 LTC. This explains the little increase in trading volume despite the rising number of daily addresses.\u00a0 Behind this gain in micro wallets, Santiment postulates the recent introduction of the LTC-20 token standard to be the primary driving force. This is based on chart data which shows that this exciting rise in the 0-0.001 LTC wallets began after the launch of the LTC-20 standard on May 2.\u00a0 Increased Micro Addresses (0-0.001 LTC) On Litecoin | Source: Santiment According to its official Gitbook page, LTC-20 is referred to as an experimental standard for non-fungible tokens (NFTs).\u00a0 While providing an introduction to this blockchain product, the page author stated;\u00a0 \u201c…this is an extremely dynamic experiment, and I strongly discourage any financial decisions to be made on the basis of its design. I do, however, encourage the Litecoin community to tinker with standard designs and optimizations until a general consensus on best practices is met.\u201d\u00a0 However,\u00a0 while LTC-20 is in its testing phase, it has been the rave of the Litecoin community in the last two weeks. This is mainly because it is based on the Bitcoin BRC-20 standard, allowing users to create \u201cworthless\u201d fungible tokens using the ordinal theory.\u00a0 The BRC-20 token standard has proven to be quite successful since its launch two months ago, accumulating a market cap of over $660 million from then to date. That said, both the BRC-20 and LTC-20 tokens are NFT-like assets, albeit fungible, which inscribe data such as text, images and video on a blockchain.\u00a0 Related Reading: Lido (LDO) Surges 16% In Single Day, Maintains Dominance In Liquid Staking Market LTC-20 Yet To Affect LTC\u2019s Price Although LTC-20 has brought about an increase in the daily active address as well as transaction counts on the Litecoin network, it is yet to elicit a similar positive effect on the price of LTC. Based on data from Coingecko, Litecoin has declined by 8.4% and 10.7% in the last seven and 14 days, respectively. The token has gained by 14.8% on its year-to-date value but is down by a staggering 80.43% from its all-time high value of $410.26. At the time of writing, LTC is trading at $80.51, having gone up by 1.8% in the last 24 hours. The token\u2019s daily trading volume has also gained by 7.11% to attain a value of $417.43 million. That said, Litecoin remains the 14th biggest cryptocurrency in the world, with a total market cap of $5.88 billion.\u00a0 LTC Trading At $80.70 | Source: LTCUSD Chart on Tradingview.com -Featured Image: JDN , Chart from TradingView.<\/p>\n","protected":false},"author":581,"featured_media":532548,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16897],"tags":[88222,10,2828,88264,57231],"class_list":["post-532539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-brc-20","tag-litecoin","tag-ltc","tag-ltc-20","tag-santiment"],"acf":[],"yoast_head":"\nLitecoin (LTC) Records Spike In Active Addresses Following Launch of LTC-20: Santiment Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC20 - Santiment<\/title>\n<meta name=\"description\" content=\"Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. According to data from Santiment, the number of daily active network addresses on Litecoin has increased by over 400,000 since the start of May.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/litecoin\/litecoin-ltc-records-spike-in-active-addresses-following-launch-of-ltc-20-santiment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC-20: Santiment Litecoin (LTC) Records Spike In Active Addresses Following Launch of LTC20 - Santiment\" \/>\n<meta property=\"og:description\" content=\"Popular Bitcoin hard fork and one of the earliest cryptocurrencies, Litecoin (LTC), have recorded some interesting network activity in recent times. 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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