Litecoin has silently flipped Ethereum

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Oct 12, 2021

A good old 'blue chip', Litecoin, has flipped Ethereum in terms of active addresses.

Take a look:

Source: Sanbase

We might suggest that Ethereum's onchain activity is under pressure because of high fees, sure. But what's driving Litecoin in opposite direction? How could a UTXO cryptocurrency coin flip over the biggest DeFi and NFT ecosystems token, ETH? Apparently almost 600K (!) people are using LTC on a daily basis.

Next. An experimental metric, "Payment count", has broke 2017 bull run all time high:

Source: Santiment internal sandbox

This specific UTXO metric counts the number of addresses which are receiving Litecoins. And it's very close to count of active addresses.

Okay, LTC belongs to UTXO. May be it makes sense to compare it's onchain activity to Bitcoin. Let's see:

Source: Sanbase

Looks legit. No flippening Bitcoin for sure. But still, 600K Litecoin active addresses daily is quite outstanding.

The question is who is using Litecoin?

Any ideas?

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Oct 12, 2021

Thanks for reading!

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