• Litecoin (LTC) has outperformed many top coins in the last few months, including Bitcoin (BTC) on key metrics.
• The number of Litecoin addresses has grown steadily in the last 12 months despite a rough bear market.
• Investors are more likely to flock towards a coin perceived as undervalued and one that has more potential gains ahead.
The crypto market has been extremely volatile over the past 12 months, with many coins struggling to maintain their value. However, one coin that has managed to outperform the competition is Litecoin (LTC). Over the past few months, Litecoin has seen impressive growth, outpacing Bitcoin (BTC) on key metrics.
This growth has been largely driven by strong address growth. Despite a volatile market, the total number of Litecoin addresses has steadily grown over the past 12 months, reaching 171,530,374 by 24 January. This means roughly 51 million addresses were created during this 12-month period. Comparatively, Bitcoin added a little over 88 million new addresses in the same period.
The impressive growth of Litecoin has been supported by large investors, or “whales”, who have been buying up large amounts of the coin. This has helped to reduce sell pressure and support the coin’s price. As a result, Litecoin has managed to rally by 146% from its 2022 lows to recent levels, while Bitcoin has only managed to rally by roughly 49%.
The strong growth in Litecoin has also been bolstered by its relatively undervalued status. Despite its impressive gains, the coin is still trading under $100, giving investors the opportunity to capitalize on potential gains. This has made Litecoin a popular choice for investors looking for a coin with a higher potential for growth.
Overall, the impressive growth of Litecoin has been driven by strong address growth and support from whales. This has enabled the coin to outperform many of its peers and remain relatively undervalued, making it an attractive option for investors looking for potential gains.