Litecoin (LTC / USD), the 15th cryptocurrency by market capitalization, has outperformed Ethereum (ETH / USD) relative to the number of active addresses. Santiment, a leading analytics firm, revealed this news via tweet earlier today, noting that this is the third time LTC has changed ETH address activity in 2021.
Santiment further revealed that approximately 600,000 people use LTC on a daily basis. The firm comments that this is a notable achievement for a UTXO coin because, unlike Ethereum, it is not supported by decentralized finance (DeFi) and non-fungible token spaces (NFT), which have been on the rise this year. .
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According to Santiment, his UTXO metric counts the number of addresses that receive crypto. In the case of LTC, the number is very close to the number of active addresses. By comparing LTC to Bitcoin (BTC), another UTXO currency, Santiment found that the metrics are correct, insofar as LTC’s management activity is nowhere near that of BTC.
Aside from a growing number of users who have developed an interest in LTC, the factors behind the increasing activity of the currency’s directions remain unknown.
LTC price is inconsistent with management activity
Despite the number of active LTC addresses exceeding 575,000, the price action of the coin does not reflect such a milestone. At the time of writing, LTC is changing hands at $ 174.37 (£ 127.87) after gaining 2.21% in the last 24 hours.
This price also represents a 3.02% decline over the past seven days, showing that the coin has been trading sideways. Unlike other leading cryptocurrencies, which are getting closer and closer to their all-time highs, LTC is still 57.58% below its May 10 ATH of $ 412.96 (£ 302.72).
This news comes after LTC made headlines last month after a false announcement of a partnership with Walmart. The post made rounds online, and even Charlie Lee, the Managing Director of the Litecoin Foundation, tweeted about the partnership.
As a result of the announcement, LTC rose to $ 233.06 (£ 170.90). However, Walmart issued a statement saying the ad was not authentic. Realizing the news was false, Lee also withdrew the tweet. Consequently, LTC plummeted to $ 171.38 (£ 125.67) on the same day.
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October 14, 2021 at 07:44PM
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Litecoin outperforms Ethereum address activity - Explica
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