Peer-to-peer payments network Litecoin (LTC) witnessed a surge in key on-chain metrics in the past week, according to the crypto analytics firm IntoTheBlock.
The firm notes that Litecoin saw a 28% increase in daily active addresses in the past seven days, as well as a 54.6% jump in new addresses over that same time period.
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“Active addresses & new addresses are back on the rise for Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!”
Litecoin’s activity surge is materializing as the project approaches its halving later this summer, an event that occurs every four years when the block reward for mining LTC is cut in half. This reduces the supply of Litecoin and can lead to an increase in price.
Litecoinblockhalf.com notes that the upcoming halving is currently projected to happen on August 2nd, though that date is subject to change.
LTC is trading at $80.28 at time of writing. The 12th-ranked crypto asset by market cap is up nearly 4% in the past 24 hours but down nearly 13% in the past month. Despite that downward price move, Litecoin remains up by more than 14% since the start of 2023.
In terms of the larger crypto market, IntoTheBlock notes that the Nasdaq 100 index (NDX) has outperformed the majority of the top 10 digital assets this year.
“In 2023, the crypto market started strong, but the Nasdaq has now caught up, outperforming 6 of the top 10 crypto assets. [Year to date], only BTC and SOL have significantly outperformed the Nasdaq.”
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