{"id":23992,"date":"2023-05-13T11:59:29","date_gmt":"2023-05-13T15:59:29","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=23992"},"modified":"2023-05-13T11:59:29","modified_gmt":"2023-05-13T15:59:29","slug":"litecoin-ltc-records-spike-in-active-addresses-following-launch-of-ltc-20-santiment","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/13\/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<\/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.<\/p>\n\n

LTC-20 Standard Drives Rise In Litecoin Micro Addresses\u00a0\u00a0<\/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<\/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<\/p>\n\n

According to its official Gitbook<\/a> page, LTC-20 is referred to as an experimental standard for non-fungible tokens (NFTs).\u00a0<\/p>\n

While providing an introduction to this blockchain product, the page author stated;\u00a0<\/p>\n

\u201c\u2026this 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<\/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<\/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. 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<\/p>\n

LTC-20 Yet To Affect LTC\u2019s Price<\/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.<\/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.<\/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.<\/p>\n

That said, Litecoin remains the 14th biggest cryptocurrency in the world, with a total market cap of $5.88 billion.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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<\/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.<\/p>\n

LTC-20 Standard Drives Rise In Litecoin Micro Addresses\u00a0\u00a0<\/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<\/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<\/p>\n

According to its official Gitbook<\/a> page, LTC-20 is referred to as an experimental standard for non-fungible tokens (NFTs).\u00a0<\/p>\n

While providing an introduction to this blockchain product, the page author stated;\u00a0<\/p>\n

\u201c\u2026this 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<\/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<\/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. 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<\/p>\n

LTC-20 Yet To Affect LTC\u2019s Price<\/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.<\/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.<\/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.<\/p>\n

That said, Litecoin remains the 14th biggest cryptocurrency in the world, with a total market cap of $5.88 billion.\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23992","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=23992"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23992\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23992"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}