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Litecoin (LTC) is on the spectrum of digital currencies that are relatively underperforming today, in terms of price growth. The cryptocurrency is down by 0.11% over the past 24 hours as its price plunged to $77.26 at the time of writing.
Growing Litecoin metrics
Despite the slumped price, Litecoin has picked up enormous bullish momentum in its other key growth metrics, including the total number of daily active users. According to data from IntoTheBlock (ITB), the total number of Daily Active Users (DAUs) on the Litecoin network jumped by 8.86% to 433,170 addresses.
This figure shows that despite the bearish outlook, the usage of Litecoin has not tapered off. This is crucial in defining the next steps for the Litecoin protocol as the uptick in LTC usage can help spark the much needed surge in price in the short term.
Besides the growth in the total number of users, Litecoin has also broken two major milestones over the course of the past week. The payment protocol shared the update that it surpassed 200 million total addresses over the weekend.
BREAKING: Litecoin hits a record milestone of 200 million total addresses! 🔥 pic.twitter.com/sr6tqqfuUI
— Litecoin (@litecoin) June 17, 2023
This is a significant one, and it helps reinstate the Litecoin protocol as one of the most used Layer 1 outfits around today. Additionally, the growth of Litecoin Ordinals has also helped to sustain market sentiment across the board. The protocol said its Ordinal Inscriptions have surpassed a total of five million.
Growth boost
Litecoin is predominantly a payment protocol, and it prides itself on the fact that it has maintained 100% uptime since its inception. The current uptick in key growth metrics shows Litecoin is one of the most used protocols after Bitcoin (BTC), Ethereum (ETH) and XRP. These growth ticks, as well as its halving sentiment, are the coin's inherent boosts for growth in the long term.
Vladislav Sopov
Dan Burgin