Market intelligence platform IntoTheBlock explained why Litecoin (LTC) is not an asset to overlook given its on-chain metrics.

Litecoin continues to show significant activity recently

In the novel one post on X IntoTheBlock recently discussed various key on-chain metrics for the Litecoin network. Below is an infographic provided by an analytics company.

According to data, there are currently approximately 370,000 daily lively addresses on the Litecoin blockchain. An address is said to be “active” when it participates in some transactional activity on the network, either as a recipient or sender.

The metric value basically tells us the number of users using the cryptocurrency. Another metric, daily transactions, provides information on the exact measure of activity in which these users are participating.

Currently, LTC users make 200,000 transactions every day. IntoTheBlock noted that this level of user activity is higher than on other networks such as Dogecoin (DOGE) and Cardano (ADA).

“Most of this activity is due to Litecoin being one of the few cryptocurrencies actively used for payments,” the analyst firm notes. LTC offers budget-friendly and speedy transactions, which is why it has always been the network of choice as a payment method. Activity metrics remaining mighty (in fact, rising even more over the past month) mean this network asset continues to attract users.

Another metric in the infographic related to activity is transaction volume, which tracks the total daily USD amount transferred to the network. Impressively, the figure currently stands at $10.27 billion, which is more than the coin’s total market capitalization.

While Litecoin continues to perform well in terms of activity metrics, the cryptocurrency remains stagnant in terms of price growth. As a result, only 72% of addresses on the network have unrealized profit.

Of course, this still means the majority is above water, but for other networks such as Bitcoin (BTC), the rate is currently close to 100% due to the bull market. That said, another way to look at it is that Litecoin has relatively more room to run because the risk of a massive sell-off increases the more investors make profits.

It seems that the extensive majority of Litecoin users also feel the same way, as 78% of the 7.94 million Litecoin holders have been HODLing for over a year.

“Since Litecoin is one of the older Tier 1 networks still seeing significant usage, it should not be overlooked,” says IntoTheBlock. However, time will tell whether LTC will finally be able to translate its positive on-chain metrics into price appreciation or not.

LTC price

Litecoin has fallen by about 8% in the last 24 hours, bringing its price to $113.