Data indicates that Litecoin has experienced a significant increase in active addresses, making it the most utilized asset in the sector, surpassing Bitcoin and Ethereum.

Litecoin’s Active Addresses Have More Than Doubled This Month

According to on-chain analytics firm Santiment, Litecoin's Daily Active Addresses have surged recently. This metric tracks the number of unique addresses participating in transactions daily, including both senders and receivers, and serves as a proxy for the network's traffic.

A high value of this metric signifies increased activity and interest in the asset, while a low value suggests less investor attention.

Here is a chart showing the trend in Litecoin’s Daily Active Addresses over the past few months:

The indicator has shown remarkably high values since the 4th of this month. In May, the asset averaged 345,000 active addresses daily, but this past week, the average has risen to 704,000, more than doubling from the previous month. The official Litecoin X account highlighted this surge in activity with data from IntoTheBlock.

The chart also shows the number of new addresses being created daily. This increase in activity coincides with a rise in the adoption of Litecoin.

In active addresses, LTC has outpaced Bitcoin and Ethereum. The LTC X handle noted, “More people using Litecoin than any other crypto right now!”

Historically, Litecoin has been among the top in usage metrics due to its cheap and fast transactions. Despite LTC’s stagnant price, the increase in usage metrics suggests the network's capabilities continue to attract users.

LTC Price

Litecoin’s price has not recovered from the April crash and remains around $77.