Litecoin surpasses Dogecoin and Cardano in this important metric

A sharp market decline on Tuesday led to one of the worst days in recent months for major tokens and mid-cap companies. The drop came after Google revealed it was conducting benchmark testing on its new Willow quantum computing chip, raising concerns about the privacy impact of cryptocurrencies and wallet security on the market.

Litecoin was no exception, falling more than 8%, briefly falling to $104 and eventually recovering to around $113. Despite this, it continues to lead several prominent altcoins in terms of network activity.

Litecoin sees record activity

Litecoin continues to demonstrate strong usage as one of the oldest Layer 1 networks, according to a recent study. analysis by IntoTheBlock. With over 370,000 daily active addresses and over 200,000 daily transactions, Litecoin has surpassed networks like Dogecoin, Cardano, and Avalanche in terms of activity.

A key driver of this engagement is Litecoin’s role as one of the few cryptocurrencies actively used for payments, solidifying its position in real-world use cases, according to the on-chain analytics platform’s findings. Its high daily trading volume, roughly equivalent to its total market capitalization, further highlighted its usefulness.

Furthermore, Litecoin has 7.94 million addresses with balance, and most of them belong to long-term holders. Notably, 72% of these holders are currently making profits.

Meanwhile, Litecoin hash rate also reached a new all-time high this week, reaching 1.80 PH/s on block 2,806,273. This milestone highlights the growing security of the network, reinforcing Litecoin’s resilience and continued appeal despite setbacks on the price front.

Litecoin Drives Massive Profit Growth for BIT Mining

The hash rate increase comes immediately after the BIT Mining increase. advertisement which revealed that its shift to mining Litecoin alongside Dogecoin has proven to be highly profitable, with the company reporting returns almost three times higher than mining Bitcoin alone. As of November 27, BIT Mining mined 84,485.42 LTC, valued at $10.7 million, and 227,908,250.38 DOGE, worth $94.8 million.

While the company did not reveal how much of the mined Litecoin and Dogecoin it retained, both cryptocurrencies have seen notable price increases in recent weeks, further boosting their profitability.