Litecoin Outpaces Dogecoin and Cardano in This Important Metric

Litecoin Weathers Market Downturn, Demonstrates Strong Network Activity

Amidst a sharp market decline, Litecoin (LTC) faced an 8% drop, briefly reaching $104. However, it has since recovered to around $113. Despite the volatility, LTC remains a leading altcoin in terms of network activity.

Surging Network Activity

According to an analysis by IntoTheBlock, Litecoin's network has exhibited robust usage. It boasts over 370,000 daily active addresses and 200,000 daily transactions, surpassing Dogecoin, Cardano, and Avalanche.

Litecoin's role as a payment gateway has been instrumental in driving this engagement. This real-world utility is reinforced by its high daily transaction volume, which roughly matches its market cap.

Strong Holder Base and Record Hash Rate

Litecoin's resilience is evident in its 7.94 million addresses with balances. Notably, 72% of these holders are currently in profit.

Additionally, LTC's hash rate reached an all-time high of 1.80 PH/s, underscoring the network's growing security. This milestone reflects Litecoin's appeal despite price fluctuations.

Profitable Mining for BIT Mining

The recent surge in hash rate follows BIT Mining's announcement that their switch to mining Litecoin has yielded significant profits. The company reported nearly three times the returns compared to mining Bitcoin alone. As of November 27, BIT Mining had mined $10.7 million worth of LTC and $94.8 million worth of DOGE.

The profitability of Litecoin and Dogecoin has been boosted by their recent price gains. This development has further incentivized mining operations.