Litecoin (LTC) Celebrates Historic Uptime Milestone: Details
2024-12-28
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Litecoin (LTC) is celebrating a historic milestone: a 100% uptime record since its inception. The official X handle of the Litecoin foundation shared a screenshot of the "Litecoin uptime tracker," indicating that the Litecoin network has been functional 100% since its inception on October 23, 2011.
Litecoin 💯% pic.twitter.com/rMx6JB0nbO
Since its launch in 2011 by Charlie Lee, Litecoin has maintained continuous operation without any downtime. This implies that for over 13 years, the Litecoin network has been running smoothly, processing transactions and securing the blockchain without any interruptions.
This milestone is rare in the cryptocurrency space, where technical issues and network outages are seen.
Litecoin was built to use with a proof-of-work (PoW) consensus, the Scrypt algorithm, which is claimed to be more power-efficient and accessible than the SHA-256 algorithm. This setup is deemed beneficial as it gives a lower barrier to entry, allowing more people to engage.
Litecoin network advances
On Dec. 26, the Litecoin network achieved a milestone when the hashrate topped 2 PH/s at block height 2,816,339 and difficulty 59,401,111.
According to IntoTheBlock, in 2024, the average daily active addresses for Litecoin reached 401,000, marking an increase from 366,000 in 2023. Litecoin's yearly high in activity was set in early January, with 1.37 million active addresses in a single day.
According to IntoTheBlock data, Litecoin had 8.25 million addresses with a balance as of Dec. 23, with the majority of them being long-term holders. 54% of these holders are currently in profit.
A total of 78% of Litecoin addresses have held their LTC for over a year, according to IntoTheBlock, which observed that this class of holders typically accumulates during bear markets and sells near high prices. Litecoin sees nearly 200,000 daily transactions, with most of this activity attributed to payments.
At the time of writing, Litecoin was down 5.13% in the last 24 hours to $99.38 and ranks the 25th largest cryptocurrency with a market valuation of $7.48 billion.