Litecoin (LTC) Continues to Grow: Remarkable Achievements in 2024
According to Newsbit, Litecoin (LTC) has demonstrated impressive growth throughout 2024. The digital currency surged from a local low of approximately $65 to nearly $137 at its peak. Despite a recent market crash that temporarily pushed the price below $87, Litecoin has shown strong recovery.
The achievements of Litecoin are not limited to its price alone. Data from the blockchain analysis platform IntoTheBlock reveals significant increases in network activity for LTC during 2024. The number of daily active addresses on the Litecoin network rose to an average level of 401,000 compared with just 366,000 in the previous year. A notable milestone was reached in January when the network recorded an astounding 1.37 million active addresses within a single day, surpassing even major players like Bitcoin and Ethereum.
A particularly striking aspect is the robust confidence long-term investors have placed in Litecoin. Approximately 53.9% of all mined LTC remained unmoved for over a year, indicating many investors are holding onto their assets rather than actively trading them on markets. Furthermore, about 85.8% of all LTC is held for at least one month with an average holding period extending up to 2.4 years—highlighting investor trust and belief in future potential.
Miners also benefited significantly due to Litecoin's halving event earlier this year, which took place around April. According to BIT Mining based in Ohio, USA, mining profitability increased substantially, more so than Bitcoin itself. This is largely attributed to Merged-Mining technology allowing the simultaneous extraction of both DOGE and LITECOIN, thereby enhancing efficiency and delivering remarkable profits post-halving—a surge seen across various altcoins, strengthening the network's position globally.
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