In a market environment dominated by Bitcoin and Ethereum, the two altcoins have caught the attention of cryptocurrency enthusiasts with unexpected increases in active addresses. Recent data from blockchain analytics firm IntoTheBlock has revealed that Litecoin (LTC) and Dogecoin (DOGE) are breaking the mold while major cryptoassets have been showing steady activity. Here are the details…
Active addresses increase for popular altcoin LTC
Litecoin, often referred to as “digital silver,” has shown an impressive increase in active addresses, signaling increased user interest. According to data provided by IntoTheBlock, the cryptocurrency registered a staggering 231.27k daily active addresses. This increase in participation comes as a breath of fresh air for Litecoin, especially given the complex market conditions surrounding the crypto industry.
Despite complex markets, active addresses for most top blockchains have remained stable. Some assets, like $LTC and $DOGE, even showed significant spikes in activity recently.#Bitcoin #Ethereum #Dogecoin #Litecoin pic.twitter.com/PI1KxcoT5k
— IntoTheBlock (@intotheblock) August 19, 2023
The increase in active addresses can be attributed to several factors, including increased adoption, innovative developments, and even renewed interest from traders and investors. Despite the small 0.2% drop in its price over the past 24 hours, Litecoin has managed to record 1.5% gains throughout the week. However, its monthly performance is down 22.0%, indicating potential challenges facing the coin.
DOGE also attracted unexpected participation
Meanwhile, Dogecoin, originally created as a meme-inspired cryptocurrency, has once again demonstrated its resilience. Recent data from IntoTheBlock shows that Dogecoin registers 46.08k daily active addresses. This unexpected increase in address activity came as Dogecoin experienced a 1.3% gain over the week and is currently priced at $0.064. The increase in active addresses for Dogecoin is a testament to the vibrant and dedicated community of the coin, which is constantly pushing its popularity beyond its meme origins. Despite its humorous beginnings, Dogecoin has managed to establish itself as a notable player in the cryptocurrency market, often defying conventional expectations.
What does the data show?
To gain a more comprehensive perspective on the performance of these cryptocurrencies, CoinGecko, a leading market data aggregator, provides additional insights. Dogecoin’s slight gain of 1.3% over the week and Litecoin’s small decline of 0.2% in the last 24 hours underscore the current stability in the market. However, Litecoin’s 22.0% monthly decline points to potential challenges that the coin may need to address in the coming months. In addition, as we reported on Kriptokoin.com, “perpetual” Litecoin and Dogecoin futures tied to Binance USD (BUSD) were recently removed from the largest cryptocurrency exchange, Binance. This development could impact the derivatives market for these altcoins and potentially affect overall market sentiment.
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