Litecoin has experienced a surge in network activity, with the number of active addresses reaching an all-time high of over 1.4 million on December 8, 2023. This comes just weeks after the previous record of 979,550 active addresses in mid-November. The increase in active addresses can be attributed to the introduction of the LTC-20 token standard, which allows for the creation of fungible tokens on the Litecoin network.

In addition to the rise in active addresses, the number of Litecoin wallets with a balance has also seen a significant increase, up more than 40% year-to-date. The number of transactions on the network has also reached an all-time high, surpassing even Bitcoin’s transaction volume on November 14.

While network activity has been on the rise, the price of Litecoin’s native token, LTC, has also experienced an upward trend. After hitting the $77 mark on December 10, LTC has since fallen to its current valuation of $72.45. This recent surge in price is notable as it is the first major rise since Litecoin’s third halving event in August, which reduced block rewards for miners.

Historically, halving events have led to price increases for cryptocurrencies, but Litecoin has often seen the opposite effect. However, this latest halving event seems to have had a positive impact on LTC’s price.