Litecoin, a cryptocurrency created in 2011 from a fork of the Bitcoin blockchain network, is designed to address Bitcoin’s shortcomings. Litecoin and Bitcoin share the same features, but they have different algorithms. Charles Lee, a former engineer from Google, was the mastermind behind the creation of Litecoin. 2024 was a good year for digital assets and decentralized currencies. Late 2024 was a golden era for cryptocurrencies; the news of Bitcoin reaching the milestone of $100K was the most celebrated one in the previous year.
What about Litecoin, Has Litecoin had a decent year? In this article, we will discuss the performance of Litecoin in the previous year. 2024 was not a bad year for Litecoin, it has maintained its reputation as ‘digital silver’ and incited advanced transactions. Let us navigate to Litecoin’s detailed recap of 2024.
Litecoin in 2024: Looking Back to the Milestones Achieved
2024 was a decent year for Litecoin, it was able to maintain the standards and merely balanced its reputation as ‘digital silver’. Litecoin shows cumulative growth, it has managed to outperform its previous year. Every year Litecoin becomes stronger and maintains a decent run which no other altcoins can make. In 2024, Litecoin managed to shatter its existing records for network transactions, address activity, hash rate, and opt-in privacy adoption.
Litecoin Growth Achieved in 2024
Let us look at the growth of Litecoin and which are the major areas of achievement.
1. Network transactions
When we discuss Litecoin, we can’t neglect the growth it has achieved in the previous year. When considering the growth of a particular crypto coin or altcoin, the network activities and stats should be the primary matrix. According to the latest information, more than 84 million Litecoin transactions have reportedly been processed by 2024 November 19.
An abrupt change in the late month of 2024 has enhanced the transaction count to 92,764,978. The latest statistics suggest that Litecoin has achieved a 38.55% increase than the previous year. In 2023, 66.95 million Litecoin transactions were processed. The early transaction details of 2025 indicate that Litecoin is closely moving to its 300 millionth transaction.
2. Block Speed and Fees
The average fee of Litecoin in 2024 remained below $0.01 per transaction. The apex 24-hour average fee of Litecoin was $0.0091. Litecoin was able to maintain its 2.5-minute block times in 2024 as well. A consistent management of block speed is an appreciable one. The enhanced block speed and lower fees have made Litecoin an optimal alternative currency and a top priority for blockchain users.
3. Enhanced Active addresses and new arrivals
2024 witnessed unparalleled growth in Litecoin’s on-chain activity. As per the latest assessment, Litecoin had an average daily active address of 401,000 in 2024. This is a 10% increase on 2023’s daily average. Litecoin only had 366,000 daily active addresses in 2023. A significant growth was the final result in the case of Litecoin’s active addresses.
4. Enhanced reliability
Litecoin has emerged as a reliable coin in recent years. Recent data explains to us that Litecoin is more active than the famous Dogecoin, Cardano, and Avalanche. Litecoin has had zero downtime since its introduction in 2011. New users are showing interest in Litecoin, which indicates how reliable Litecoin has become these days. The experts from the arena believe that we will be able to see a much more advanced Litecoin in 2025.
Privacy Evolution of Litecoin in 2024
Security and privacy are key elements in the blockchain ecosystem and DeFi (Decentralized Finance). The hash rate is a key indicator of a network’s security. According to the data accumulated from the Litecoin network, its hash rate had surged to under 2PH/s. Previously the all-time high hash rate was 1.919 PH/s. the enhanced network security is the result of people’s trust and they consider Litecoin as a reliable, efficient, and secure digital asset network.
Privacy is another major arena where Litecoin has attained growth and advancement. MimbleWimble Extension Blocks (MWEB) adoption in 2024, with improvements to user experience, was a milestone in the history of Litecoin. A new project, Virtual Private Money (VPM), was launched at the 2024 Summit in Nashville. This was aimed at making MWEB’s opt-in privacy technology appetizing to new audiences. In 2025, this Virtual Private Money(VPM) will focus on the ASEAN region. The MWEB, or Mimble Wimble Extension Blocks and Virtual Private Money will help users regain their autonomy over their money and maintain a balanced right of financial freedom and privacy.
Litecoin Summit 2024
The Litecoin Summit 2024 was staged in Nashville and was the biggest Litecoin event of the previous year. The event merged and brought together the world’s top innovators, thought leaders, and decision-makers of the Litecoin community. Charlie Lee, who is the creator of Litecoin and director at Litecoin Foundation was the major speaker at that event.
Lee announced that he would give donations to the Litecoin Foundation up to $250,000 annually, for five years. This will help the community to develop and grow. John D’Agostino, Merrick Theobald, Alan Austin, and Jon Moore were the major speakers along with Charlie Lee. Litecoin Summit 2025 is a much-awaited Litecoin event this year, the community members are eagerly waiting for the announcement and grab their tickets.
The Bottom Line
2024 was a good year for Litecoin, some notable advancements and major events have redefined the totality of it in decentralized finance. The transformational journey of Litecoin has already been initiated, and we can see more advanced functioning and enhanced capabilities in the upcoming years. The developers, miners, marketers, sponsors, node-runners, and users are all actively working for its enrichment and a bright future. 2025 is expected to bring major advancements and novel services, the Litecoin community is patiently waiting for the magic that is going to happen in 2025.
