Litecoin, the ninth-largest cryptocurrency by market capitalization (excluding stable coins), has just surpassed the Ethereum network in total address growth.
According to data from Glassnode, the number of total addresses on the Litecoin network has now surpassed those on the Ethereum network.
Litecoin's market cap is currently 6.26B and is 31x smaller than Ethereum's market cap at 194B.
This is a significant achievement for Litecoin, as Ethereum is the second-largest cryptocurrency by market capitalization and has a much larger user base and developer community.
The fact that Litecoin has been able to surpass Ethereum in total address growth is a testament to the strength and utility of the Litecoin network and Litecoin as money.
One of the main factors driving this growth is the number of new addresses since July 2021 on the Litecoin network. Litecoin is outpacing Ethereum in new address growth since then and is currently adding 2x new addresses per day.
As more and more merchants and businesses begin to accept Litecoin as a form of payment, more individuals are starting to use Litecoin to make purchases and send money to others.
The Litecoin to Ethereum USD pairs even shows a large potential upside opportunity.
The other factor that is driving the growth in the number of new addresses on the Litecoin network is the increasing use of Litecoin for trading and speculation. As the price of Litecoin has risen in the last 7 months, more and more investors are starting to take notice of Litecoin and are buying it in anticipation of further price increases.